INSUBCONTINENT EXCLUSIVE:
In India, gold prices have remained near record levels for past few weeks.
Gold prices stood at Rs
38,170 per 10 grams in the national capital on Wednesday, according to India Bullion and Jewellers' Association (IBJA)
These rates are exclusive of a 3 per cent Goods and services Tax (GST) and making charges, industry body IBJA mentioned on its website
IBJA is a Mumbai-based association consisting of gold dealers, traders and jewellers
Analysts way weakness in the rupee against the US dollar supported the gold prices on Wednesday
(Donald Trump) regarding the deal (US-China) raised uncertainty amongst investors, which attracted the safe-haven buying in gold," Mr Patel
added.Globally, gold prices rose on Wednesday
ounce.Asian stocks and Wall Street futures fell as growing worries that trade talks are stalling and concern about intensifying unrest in
policy easing by central banks.In India, gold prices have remained near record levels for past few weeks, forcing many buyers to delay their
purchases during the festival season which typically leads to higher demand for the precious metals.Gold demand is expected to fall to its
lowest level in three years in 2019 in India, the World Gold Council (WGC) said earlier this month, as domestic prices climb to a record
against a backdrop of falling earnings in rural areas.Gold demand in 2019 could drop 8 per cent from a year ago to around 700 tonnes, the
lowest since 2016, said Somasundaram PR, the managing director of WGC's operations.Meanwhile, domestic stock markets fell on Wednesday
while investors awaited retail inflation data due later in the day
Benchmark indices S-P BSE Sensex and NSE Nifty ended 0.57 per cent and 0.61 per cent lower respectively.Get Breaking news, live coverage,
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