Gold Prices Gain on Trade Concerns

Image of Fed Fund futures

Gold futures rallied above US$1,500 an ounce on sustained demand for the traditional haven as the US-China trade war festers, global growth slows and central banks around the world ease monetary policy.

"Gold price of Rs 37,920 per 10 gram is the highest in the domestic market till date", Surendra Jain, vice-president of the All India Sarafa Association said.

Mumbai: Gold prices on Wednesday surpassed the Rs 38,000 per 10 gram mark for the first time ever, amid heightened trade tension between USA and China and marked slowdown in global economic activity.

U.S. gold futures too were up 0.9% at $1,497.90 an ounce. The move extends this year's advance to 17 per cent, with gains underpinned by investor inflows into exchange-traded funds.

Trade tensions have escalated since U.S. President Donald Trump threatened last week to impose tariffs on more Chinese imports.

Overall, the price of gold has climbed more than 18% since the beginning of the year.

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Investors have flocked to safe haven assets, resulting in plunging equities and climbing gold prices.

The worsening Sino-US trade talks may lead to further rate cuts from US Fed to support lingering economy, he added.

Analysts attributed the gain to a wide range of factors, including the Federal Reserve's recent decision to lower interest rates and overall geopolitical uncertainty, stoked in part by the current trade hostilities between the United States and China, which has caused investors to seek a safe haven.

Further highlighting concerns that policymakers have about the global economy, New Zealand's central bank cut interest rates more than expected.

Goldman Sachs said it no longer expects a trade deal to be struck before the 2020 US presidential election, while Morgan Stanley warned that more tit-for-tat tariffs could tip the world economy into recession by the middle of next year. Platinum for October delivery was down 4.70 dollars, or 0.55 percent, to settle at 853.20 dollars per ounce.

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