Gold news 19 august 2019

Gold prices eased in Indian markets, tracking similar trend in global markets. On MCX, October gold futures were down 0.40% today to ₹37,792 per 10 grams. Tracking gold, silver prices also softened in Indian markets with September silver contracts on MCX slipping 0.75% to ₹43,490 per kg. Globally, gold prices slipped 0.3% to $1,508.79 an ounce today as some risk appetite was back in equity markets across the globe after a wild week.

Indicating some rebound in risk appetite, stocks in Asia, including in India, were higher along with US futures. The yield on US 10-year Treasuries also rose, recovering from multi-year lows when an inversion in the yield curve sparked recession worries. Gold traders will be closing watching US Federal Reserve Chairman Jerome Powell’s address at the Kansas Fed’s annual Jackson Hole gathering on Friday to gauge whether the US central bank will add to its July’s rate cut.

In India, gold futures prices had hit an all-time high of ₹38,666 per 10 grams last week, tracking higher global prices and a slide in the rupee's value against the US dollar. A depreciation of the US dollar makes gold imports into the country costlier. Gold imports into India also draws a 12.5% import duty.

Record high prices have however hurt demand in India with some jewellers reporting higher trade-in of old jewellery. According to the latest data, gold imports into India fell 42% to $1.71 billion in July.

Fears of a global recession, escalation in US-China trade war and sharp drop in bond yields have lifted gold prices sharply this year. This has however made some analysts cautious.

Gold prices dipped on Monday due to a stronger US dollar and a recovery in equities, as major central banks around the world hinted at more stimulus, easing fears about a sharp economic downturn.

Spot gold was down 0.3 per cent at $1,509.13 per ounce at 0354 GMT.

US gold futures also fell 0.3 per cent to $1,518.70 an ounce.

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