Gold Rises As Trade War Escalates

Gold Rises As Trade War Escalates

Aug. 10, 2019, 7:58 a.m.

Gold prices jumped in futures trade on Friday as the trade conflict between Sino-US escalated. Global economic slowdown fear made investors move towards the safe haven asset.

Gold price has set a new record as it continued to rise on the sixth consecutive day In Nepal. According to the Federation of Nepal Gold & Silver Dealers’ Association, the gold price has gone up to Rs 70,000 in the domestic market today.

Price of the precious yellow metal had risen to Rs 68,000 and Rs 69,500 per tola, on Tuesday and Wednesday respectively. The gold prices also surged due to an uptick in domestic demand. Globally, the continuing trade issues battered the gold rates that experienced the best week in over last 3 years of trade.

US gold futures rose 0.6 per cent to $1,519 an ounce while the dollar index headed towards a weekly decline. SPDR Gold holdings Trust said that its holdings fell by 0.7 per cent to 839.85 tonnes on Thursday. However, US Gold futures were up by 0.9% at $1,497.90 an ounce. Around 9:15 am, MCX Gold traded at Rs 37,976 per 10 grams, up by 0.27% or Rs 219.

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