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Last Updated : Oct 18, 2019 05:07 PM IST | Source: Moneycontrol.com

Gold price today: Yellow metal falls on gains in equities

In the futures trade, gold and Silver prices were volatile on October 17 on Brexit related reports.

Gold prices fell in the domestic futures trade on October 18 as rise in riskier equities dented the appeal of gold as a safe-haven asset.

The 30-share Sensex closed 246 points, or 0.63 percent higher at 39,298.38, with 24 stocks in the green, while Nifty finished 76 points, or 0.65 percent up at 11,661.85, with 35 stocks up and 15 down.

In the global markets, gold prices held above $1,490 on Friday as disappointing data from China reinforced concerns that its trade spat with the United States had begun taking a toll on global economies, while the Brexit deal waits for parliamentary backing, reported Reuters.

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China's weak third-quarter GDP numbers and weak retail sales data, as well as industrial output reports out of the United States, fanned fears about the health of the world's two largest economies, raising the appeal of gold as a safe-haven asset.

China's economic growth slowed more than expected to 6 percent year-on-year (YoY) in the third quarter, the weakest pace in at least 27-1/2 years.

December futures for the yellow metal traded at Rs 38,045 per 10 gram, down Rs 151, or 0.40 percent, on the MCX around 17:00 hours IST.

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Gold prices gained Rs 56 to Rs 38,390 per 10 gram in Mumbai's bullion market on October 17 after Britain clinched a Brexit deal with the European Union, but its gains were capped by a stronger rupee.

The rate of 10 grams 22-carat gold in Mumbai was at Rs 35,165 plus 3 percent GST while 24-carat 10 gram was Rs 38,390 plus GST. Silver prices were up by Rs 425 to Rs 45,265 per kg from its closing price on October 16, PTI reported.

The gold/silver ratio, which is the amount of silver needed to buy one ounce of gold, stood at 84.81 to 1.

In the futures trade, gold and Silver prices were volatile on October 17 on Brexit related reports. Experts say the trend may continue.

"We expect precious metals to remain volatile due to the flow of news from global economies," Manoj Kumar Jain, Director at IndiaNivesh Commodities, told Moneycontrol.

"Gold is expected to trade in the range of Rs 38,000-38,350 and silver prices are expected to move in the range of 45,000-45,800. Either side breakout of the range will give further direction to bullion prices. Fed rate cut hope supports prices at lower levels," Jain further said
First Published on Oct 18, 2019 01:00 pm
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