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When trading opened for the month, the 24K gold rate in India was recorded holding at Rs.38,510 per 10 grams on 1 November 2019. Prices rose by Rs.10 from the previous session with the bullion riding on the back of the US-Sino trade woes.
On 2 November 2019, gold prices surged gained by almost 1% as the US Federal Reserve slashed their interest rates amid uncertainties over the US-China trade dispute. Strong safe-haven demand, coupled with favourable market trends resulted in gold trading at Rs.38,900 per 10 grams.
Gold prices rose for the third consecutive session with the yellow metal trading at Rs.38,990 per 10 grams, recording an increase of Rs.90 on 3 November 2019.
However, demand for the safe-haven asset over the next couple of days as the US released a stronger-than-expected employment data, capping the gains on the bullion. This led to gold rates in India, dropping to Rs.38,900 per 10 grams on 5 November 2019.
With the US dollar regaining lost ground against a basket of major emerging currencies, demand for gold remained low. Also, with the US-China trade deal hopes being revived, demand for riskier assets such as equities picked up.
Subdued demand, coupled with uneven global cues resulted in gold prices remaining untouched at Rs.38,900 per 10 grams until 7 November 2019.
Gold prices in India plummeted by Rs.300 to Rs.38,600 per 10 grams on 8 November 2019 after the US and Chinese counterparts agreed to cancel trade tariffs in a phased manner as part of the trade deal.
With investors gravitating towards riskier assets such as equities and stock amid strong trade optimism, demand for the metal dropped further. On 9 November 2019, gold in India was priced at Rs.38,250 per 10 grams – the lowest in 3 months – amid the weak global cues.
When trading concluded for the week, gold rates in India stood at Rs.38,250 per 10 grams on 10 November 2019, registering a decline of 0.68% in prices during the course of the week.
For any clarifications/feedback on the topic, please contact the writer at viswanathan.v@cleartax.in
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