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Gold reclaims $1,500 level on recession fears

Indian Gold futures for February delivery settled up Rs 396, or 1.04 percent at Rs 38,653 per 10 gram in a turnover of 15,833 lots.

December 26, 2019 / 07:03 PM IST

Gold prices reclaimed the $1,500 mark for the first time since November 4 as US recession fears prompted investors to seek safety in the precious metal.

The yellow metal's price was also supported by disappointing US economic data and concerns relating to US-China interim trade deal. Gold acted as a hedge during times of political and financial uncertainty.

Spot Gold breached key resistance of $1,484 per troy ounce on December 23 and traded above $1,500 psychological mark on December 24 after trading in the range of $1,450-1,485 for over a month.

US Gold futures for February delivery gained $15.70 at $1,504.40 an ounce of December 24.

With a rise of 17.24 percent, 2019 has been one of the best years for the precious metal.

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Indian Gold futures for February delivery settled up Rs 396, or 1.04 percent at Rs 38,653 per 10 gram in a turnover of 15,833 lots.

The retail gold price in Mumbai rose Rs 164 at Rs 38,445 per 10 gram yesterday on a weaker rupee. 22-carat gold in Mumbai was sold at Rs 35,216 plus 3 percent GST and 18-carat gold quoted at Rs 28,834 plus GST.
Moneycontrol News
first published: Dec 25, 2019 05:02 pm

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