Commodity Watch:Gold Climbs Higher Amid Global Trade Worries

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Gold prices in the international market edged up to its 14-month peak level led by global trade concerns and political tensions, together with a possible rate-cut by the U.S Fed Reserve, boosted demand for the precious metal among traders. 

Spot gold climbed by 0.3pc to USD1,345.49 per ounce, moving closer to USD1,348.08, the mark it crossed last week, its highest rise since Mid-April 2018. 

Gold prices in India also witnessed a similar rise on Friday, where ten grams per 22-carats prices rose to Rs.32,160 in Kolkata,  Rs.31860 in Delhi, Rs.32160 in Mumbai and Rs.31190 in Chennai.

On the Multi Commodity Exchange (MCX), gold to be delivered in June contracts was higher by 1pc or Rs331, to trade at Rs33290 per 10 gram in a business turnover of 18187 lots. 

At the Commodity futures trade Friday, Gold prices edged up by Rs.331 to Rs.33290 per ten gram on strong demand by local jewellers at the spot markets in combination with positive global sentiments. 

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