Gold prices in India today rose marginally after suffering a massive fall in the previous session. This same trend was also seen in global markets. On MCX, gold prices were up 0.36 per cent to Rs 38,016 per 10 gram, after falling 1.6 per cent or Rs 610 in the previous session. Silver prices were still weak today, down 0.23 per cent on MCX at Rs 45,397 per kg after slumping 2.52 per cent or Rs 1,174 per kg in the earlier session. In global markets, gold prices were marginally higher today, following a massive fall in the previous session.
Spot gold prices were up 0.2 per cent to $1,486.53 per ounce, after slumping 1.7 per cent in the previous session – the biggest one-day fall in over one month. Rising hopes for a trade deal and a series of solid US economic data boosted the risk sentiment, hurting the price of safe-haven assets like gold. The dollar also rose against a basket of major currencies. A stronger dollar makes gold expensive for buyers in other currencies.
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