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Gold rate today: Bullion jumps as US clarifies China tariffs in place till Phase 2 deal

US gold futures gained 0.5 per cent to $1,552.30.

ETMarkets.com|
Last Updated: Jan 15, 2020, 02.10 PM IST
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Gold futures were up 0.59 per cent to Rs 39,681 per 10 grams, while silver futures gained 0.77 per cent to Rs 46,256 per kg.

Commodity Summary
MCX

GOLD
SILVER
Bullion counters were trading in the green in Wednesday’s trade as traders rushed to safe-haven commodities after the US Treasury Secretary said that tariffs on Chinese products would remain in place for now.

The joint statement from the Treasury and the US Trade Representative's office said "there is no agreement for future reduction in tariffs. Any rumours to the contrary are categorically false."

Gold futures were up 0.59 per cent to Rs 39,681 per 10 grams, while silver futures gained 0.77 per cent to Rs 46,256 per kg.

Brokerage SMC Global said gold can dip lower towards Rs 39,100 while facing resistance near Rs 39,600, while silver can test Rs 45,600 while facing resistance near Rs 46,200.

Globally also gold prices rose as investors sought safer assets amid uncertainty about the effectiveness of the US-China Phase 1 trade deal.

Gold Rates - Spot & Futures (.995 purity) (MCX)



Spot gold rose 0.3 per cent to $1,551.38 per ounce by 0332 GMT. Prices fell to their lowest since Jan. 3 at $1,535.63 on Tuesday. US gold futures gained 0.5 per cent to $1,552.30.

A Reuters analyst said spot gold may revisit its January 14 low of $1,535.63 per ounce, as suggested by its wave pattern and a projection analysis.

Gold rose 18 per cent last year mainly because of the 18-month long tariff dispute and its impact on the global economy.

Palladium rose to a record $2,204.29 an ounce earlier in the session, and was up 0.2 per cent at $2,197.81. The metal, used for catalytic converters in automobile exhaust systems, gained about 54 per cent in 2019 on a sustained supply deficit.

Silver rose 0.3 per cent to $17.83 per ounce, while platinum advanced 0.6 per cent to $989.03.

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