The fourth week began with the gold rate in India holding at Rs.38,400 per 10 grams on 18 November 2019 after an increased domestic buying from domestic retailers and jewellers led to prices rising by Rs.60 from the previous session.
However, demand seemed to fall short the next day with trading pressured by investor sentiments for riskier assets.
The markets witnessed a surge in equity investments soon after reports confirmed constructive discussions on the US-Chinese trade deal surfaced among investors.
On 19 November 2019, gold price in India stood at Rs.38,340 per 10 grams as rates dropped by Rs.60 on account of the subdued demand brought about by the weak trends overseas.
To the markets dismay, with the US President Donald Trump threatening the Chinese counterparts with fresh tariffs, uncertainties loomed in the equity markets.
Also, with the US Senate sanctioning a bill in favour of the Hong Kong anti-government protesters, demand for safe-haven assets such as gold and silver rose considerably.
Strong investor demand coupled positive global cues led to gold rates in India rebounding to Rs.38,540 – an increase of Rs.200 – per 10 grams on 20 November 2019.
However, the next couple of days saw demand subsiding with market participants and investors awaiting minutes from the US Federal Reserve’s bimonthly monetary policy meeting.
Gold price in India stood at Rs.38,450 per 10 grams on 21 November 2019 before plummeting to Rs.38,400 per 10 grams on 22 November 2019 amid the weak market trends overseas.
With tensions rising in the US-China trade relations, investors gravitated towards safe-haven assets such as the bullion to hedge against the market uncertainties. This led to rates recovering by Rs.100 and gold was priced at Rs.38,500 per 10 grams on 23 November 2019.
The week came to an end with the yellow metal priced at Rs.38,500 per 10 grams on 24 November with steady demand from investors amid the US-Sino trade dispute and weak global cues.
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