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    Gold rate today: Gold gains as Moody's downgrades outlook on India

    Synopsis

    MCX Gold (Dec) futures added 0.64 per cent to Rs 37,814.

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    Spot gold was trading at 1,468.51 per ounce, as of 0335 GMT, poised for its biggest weekly drop since May 2017, reported Reuters.

    Commodity Summary

    MCX
    Bullion counters gained on Friday as traders flocked to safe-haven counters after rating agency Moody’s downgraded its outlook for India.

    Moody's changed India's outlook to negative from stable while affirming India’s Baa2 ratings. Moody's expects Indian government to face very significant constraints in narrowing general government budget deficit and preventing a rise in debt burden.

    MCX Gold (Dec) futures added 0.64 per cent to Rs 37,814 while MCX Silver (Dec) futures were trading 0.43 per cent higher at Rs 44,357.

    However, in the global market, gold prices were tepid on Friday, after dropping up to 2 per cent in the previous session as hopes of headway in the Sino-US trade deal boosted risk-on sentiment, denting the bullion's appeal.

    Gold Rates - Spot & Futures (.995 purity) (MCX)

    DateGold Spot Price
    Rs/10 grms (AHMEDABAD)
    Gold Future Price
    Rs/10 grms Expiry: 05-Oct-2020
    23-09-20205062349491
    18-09-2020051730
    17-09-2020051466
    16-09-2020051842
    11-09-2020051333
    08-09-20205096750967
    04-09-20205094050740
    02-09-20205108850794
    28-08-20205098151399
    25-08-20205144051004


    Global stocks rallied and the dollar index gained after officials on Thursday said that China and US have agreed to roll back tariffs on each others' goods as part of the first phase of a trade deal.

    Spot gold was trading at 1,468.51 per ounce, as of 0335 GMT, poised for its biggest weekly drop since May 2017, reported Reuters. In the previous session, prices dropped to their lowest in more than a month. US gold futures were up 0.2 per cent at $1,469.80 per ounce.

    As per technical charts, spot gold may fall more into a range of $1,440-$1,455 per ounce, said a Reuters analyst. The metal has found a temporary support at $1,466. It may hover above this level for one or two days or bounce towards $1,478. On the other hand, a break below $1,463 could open the way towards $1,405.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

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    1 Comment on this Story

    Rewarding India320 days ago
    buy gold... don''t be sold...
    The Economic Times