Gold prices minted on Monday with a high of Rs 32.003 per 10 grams. This is after the effect of continuous tensions between the United States and China. Both countries are assumed to negotiate successfully in their two days meeting on 9th and 10th May. But both countries dedided to hold this for a while and their meeting doesn’t end up in a useful conclusion. This has also raised doubts over whether the two countries wound wnd up having a deal. This has increased the demand of the safe haven metal in the market.
GOLD SHOWED AN ALL MONTH HIGH ON MONDAY
Equities fall on Monday in India along with Rupee against U. S. dollar. This gave more confidence to investors to buy more of this precious metal. Demand for gold also rose last week due to increased retail purchases for key festival and weddings. The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell approximately 0.91 percent to 733.23 tonnes on Friday from 739.94 tonnes on Thursday. Currently MCX Gold is trading at Rs 31,904 per 10 grams, down from the all month high of Rs 32,003 and MCX Silver is trading at Rs 37,354 per kilo, high recorded at Rs 37,488 (Data recorded at 4:30pm IST).