Gold prices rose on Monday as an early signs of good global trade and decent demand from jewelers in the spot market. US President Donald Trump said on Sunday that he is going to increase tariffs on worth billion of goods from 10% to 25%. This increased more downturn in global equity market and helped gold to gain 0.92% in commodity market. Rupee’s weakness against US dollar and positive global conditions also gave a leg up to gold’s prices. Investors turned towards this safe haven metal due to fall in equities. Gold is use as a safe investment during global tensions. Spot gold rose 0.3 percent whereas US gold futures went up by 0.2 percent. Asian equities crumbled today while oil gained 2 percent. According to the sources, China can cancel trade talks with the US due to increased pressure by the president. Silver prices, however, declined due to low demand by coin markers and industrial units.
Currently MCX Gold is trading at Rs31,595 per 10 grams and MCX Silver is trading at Rs37,312 per kilo. (Data recorded at 4 pm IST)