INSUBCONTINENT EXCLUSIVE:
Analysts say weak global cues led to the fall in gold rates on Friday.
Gold prices were last seen at
Rs 38,200 per 10 grams in the national capital on Friday, 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 say weak global cues led to the fall in gold rates on Friday
Here are 10 things to know about current gold prices:Globally, gold retreated from gains that had been prompted by trade
Spot gold was last seen trading at $1,463.90 per ounce, down 0.48 per cent.According to Tapan Patel, Senior Analyst, HDFC Securities
(Commodities), prices in the global market fell after the White House Economic Advisor Larry Kudlow said the US was inching closer to a
trade agreement with China."This development led to recovery in equity indices and kept the yellow metal prices subdued," he added."Hopes of
an immediate trade deal and a bunch of recent positive economic releases eased apprehensions of further economic slowdown and boosted the
gold's safe haven demand gradually
However, growing geopolitical tensions are likely to offer lower level support to prices," he said.Gold has, meanwhile, risen about 14 per
cent this year globally on concerns over the trade war and monetary policy easing by central banks."On the domestic side, a weak rupee would
Friday.In India, gold demand is expected to fall to its lowest level in three years in 2019, 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.Get Breaking
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