Gold prices in India edged lower after rising for two days. On MCX, gold futures were down 0.09% to ₹38,463 per 10 gram. In the previous two sessions, gold prices had risen over ₹400 per 10 gram.
Silver, however, edged higher today with futures on MCX rising 0.12% to ₹46,100. Silver had gains of nearly ₹900 per kg in the past two sessions. In global markets, gold prices continued their uptrend today, rising to a one-week high of $1,511.24 per ounce.
Uncertainty about the outcome of US-China trade talks lifted the safe-haven appeal of gold. Hopes of a breakthrough in US-China trade talks diminished after the Trump administration earlier this week widened its trade blacklist to include some of China’s top artificial intelligence startups, ratcheting up tensions.
Back in India, jewelers are lining up offers to lure buyers ahead of Dhanteras and Diwali. The October to December quarter is typically a strong quarter for gold sales in India due to festivals and the wedding season.
Though gold prices have corrected from last month’s high of nearly ₹40,000, they are up about 20% so far this year. And combined with an economic slowdown, many analysts have tempered expectation of a sharp uptick in retail gold demand this year.