Gold rates slump amid US-China early trade deal

Mumbai: Makar Sankranti, the festival of kites, is celebrated in the western part of the country, particularly Gujarat and Mumbai. In Mumbai, the high flying Indian cricket team was brought down to earth by the Aussies in an ODI game at the Wankhede. Likewise, gold that flew high in the first eight days of the year got a reality check as the yellow metal drifted lower like a kite whose string has been cut.

In the international markets, gold valued at $1,545 per ounce. However, gold-edged above the January 3 levels in early Asian trading on Wednesday. Gold’s future course would depend upon the US-China trade deal and the current stock markets upswing across the globe.

Gold opened lower than the previous close at Rs 39,515 per 10 gms on the BSE. It closed marginally higher at Rs 39,634 per kg. However, silver too closed slightly higher than the opening price at Rs 45,835 per kg. While gold is still in a positive zone in the New Year, silver went into negative territory. But, both the precious metals have given better returns than the stock markets or the currencies in the domestic market over the one year and six months period.

Gold (Rs per 10 gms) Opening Closing

Jan 7 40488 40537

Jan 8 41253 40851

Jan 9 40046 39881

Jan 10 39798 39760

Jan 13 39829 39797

Jan 14 38515 39634

Silver (Rs Per kg) Opening Closing

Jan 6 48080 47995

Jan 7 47195 47145

Jan 8 48395 47795

Jan 9 46335 46375

Jan 10 46125 46180

Jan 13 46370 46265

Jan 14 45715 45835

Disclaimer: This is not a guide for speculators.