Gold prices remain unchanged; silver marginally down

Representational image.

Representational image.   | Photo Credit: Mohammed Yousuf

Gold prices remained almost unchanged at the bullion market here on Thursday amid muted spot demand.

The yellow metal was trading marginally higher by ₹3 at ₹39,375 per 10 gram. On Wednesday, gold had closed at ₹39,372 per 10 gram, according to data from HDFC Securities.

Silver, however, was trading marginally lower by ₹24 at ₹47,120 per kilogram as compared with ₹47,144 per kilogram, its previous closing level.

“The two day trade talks between the US and Chinese negotiato₹will start from today. Market will eye any comments or tweets regarding any development in the next two days,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

International gold prices on Thursday held firm on trade talk worries and economic growth concerns after reports that China has scheduled back the meeting to single day from two days earlier, he said.

“Gold prices traded steady on Thursday with COMEX International spot gold prices gaining to USD 1,510 amid US-China trade talk uncertainty,” Mr. Patel added.

Gold prices are expected to trade higher in the near term with uncertainty over US-China trade talks, Brexit concerns and weak economic data, with COMEX gold finding support at USD 1,490 and resistance at USD 1,520, he said.

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Printable version | May 25, 2020 10:57:39 AM |

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