The second week commenced with the gold rate in India holding at Rs.38,390 per 10 grams on 9 September 2019 after an improved global risk appetite for equities capped demand for safe-haven assets such as bullion.
Gold prices in India dropped for the second consecutive session, and the precious metal was recorded trading at Rs.38,000 per 10 grams on 10 September 2019. With investor sentiments gravitating towards riskier assets amid market expectations of development in the US-Sino trade relation.
Subdued global demand, coupled with weak market cues overseas resulted in gold rates remaining untouched at Rs.38,300 per 10 grams the next day.
Prices continued to fall as the week progressed with the equity markets gaining on account of strong investor sentiments compounded by signs of the US-Sino trade dispute diminishing. On 12 September 2019, the yellow metal traded as low as Rs.37,800 per 10 grams.
The well-performing equities, coupled with the gaining US greenback led to gold rates in India plunging further to Rs.37,600 per 10 grams and Rs.37,500 per gram on 13 September 2019 and 14 September 2019 respectively.
Trading concluded for the week in India with the bullion finishing slightly higher at Rs.37,510 per 10 grams on 15 September 2019. Revived risk appetite from investors, coupled with weak global economic cues led to gold prices declining by 2.29% during the course of the week.
Abbreviation is the name of the game – SIP, NPS, ELSS, KTM, and OMR.
Vishnu is the cat that got too curious. He can normally be found staring at market charts or drooling over his Real Madrid curios.
Favourite quote: ” Madrid, Madrid, Madrid ¡Hala Madrid! Y nada más”