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Gold prices today slip on profit booking, trade above Rs 51,000

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NEW DELHI: Gold in addition to silver prices fell additional in Wednesday’s session within bout of profit reservation even as equities tumbled around the world and tensions between US ALL and China rose.

US Customs and Border Safeguard officials have prepared requests to block imports of natural cotton and tomato products through western China’s Xinjiang place over allegations they are generated with forced labour.

Gold futures on MCX have been down 0.38 percent or Rs 193 in Rs 51,160 every 10 grams. Silver futures dropped 0.77 per cent as well as Rs 524 to Rs 67,970 per kilogram.

“MCX gold opened which has a negative undertone as target has turned to central lender policies. European central lender will hold monetary policy fulfill tomorrow and US Provided is scheduled next week. Tough rupee has also pulled this prices lower on this MCX. No major fiscal data will come out today but focus would be on Brexit terms and US-China trade relations. Gold may well stay under pressure in intraday today,” Jigar Trivedi, Research Analyst- Commodities Requisite, Anand Rathi Shares & Stock Brokers said.

Gold prices rose Rs 122 to Rs 51,989 per 10 grams from the national capital on Wednesday supported by rupee depreciation, as per HDFC Securities. Silver likewise gained Rs 340 to help Rs 69,665 every kg.

Globally, rare metal prices were steady because the metal was caught concerning a strengthening US $ and a pullback in worldwide equities, with investors expecting monetary policy strategies through central banks.

Spot gold has been little changed at $1,929.30 per whiff by 0038 GMT, soon after falling to a near two-week week low of $1,906.24 on Wednesday. US gold futures smoothened 0.3 per cent to help $1,936.80.

The dollar jumped to a around one-month high, as the lb . dropped to a six-week reduced on renewed worries in relation to Brexit and as risk cravings waned. A stronger dollar makes gold more expensive intended for holders of other currencies.

Market participants are now awaiting the European Central Standard bank policy meeting due on Thursday, while the U.T. Federal Reserve’s next conference is scheduled for a few weeks.

Silver fell 0.only two per cent to $26.66 per ounce, platinum has been steady at $901.29 and palladium rose zero.2 per cent to $2,279.67.

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