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The month of October 2019 began with gold rates plummeting to a two-month low of Rs.37,250 per 10 grams in India as the US dollar surged amid uncertainties over the US-Sino trade dispute.
Weak global cues coupled with subdued investor demand had led to prices dropping by over Rs.2,895 per 10 grams from the previous session.
The next couple of days, however, saw gold prices recovering after the weaker-than-expected US manufacturing data boosted expectations of an interest rate cut by the US Central Bank.
Also Read: 24K Gold Rate in India for September 2019: Week 4
With the US dollar losing against other major emerging currencies amid the poorly performing equity markets, gold was recorded trading at Rs.37,800 per 10 grams on 3 October 2019.
Thanks to an increased demand brought by domestic jewellers and retailers ahead of the festive season, gold rate in India rose by Rs.500 amounting to Rs.38,300 per 10 gram on 4 October 2019.
Steady local demand, coupled with favourable market trends overseas led to gold prices remaining untouched at Rs.38,500 per 10 grams the following day.
Trading concluded for the week with gold price in India holding at Rs.38,300 per 10 grams on 6 October 2019. Though rates dropped initially, the week witnessed an upsurge of 2.82% in prices, thanks to strong investor demand brought about by positive cues globally.
For any clarifications/feedback on the topic, please contact the writer at viswanathan.v@cleartax.in.
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