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Wednesday 15 January 2020

Gold and silver prices rose today in Indian markets.... | latest stock Market News



Snapping their recent declining streak. On MCX, gold futures rose 0.63 percent to 39,695 Rs per 10 gram, after declining over in the past two days. Silver also followed a similar trend. On MCX, silver futures rose 0.82 percent to 46,278 Rs. Gold had surged to a record high of 41,300 Rs per 10 gram in the previous week and as US-Iran tensions subsided rates in domestic markets came off the highs.



"A week ago Iran-US news caused a pretty significant rally in gold, and now that has subsided." SMC Global said in a note.

Back in India, the government has mandated jewelers to sell only hallmarked jewelry and art facts made of 14, 18 and 22-carat gold from today. Jewelers have been given one year's time to register with the Bureau of Indian Standards (BIS) and implement the mandatory hallmarking of gold jewelry.

Gold prices rose on Wednesday as investors sought safer assets amid uncertainty about the effectiveness of the U.S.-China Phase 1 trade deal after a top U.S. official said tariffs on Chinese goods would stay in place even after the agreement is signed.

Investors remained cautious ahead of US-China Phase 1 trade deal signing later today. Just a day before the world's top two economies prepared to sign a Phase 1 trade deal, US Treasury Secretary Steven Mnuchin said tariffs on Chinese goods will be in place until the completion of a Phase 2 agreement. This uncertainty helped boost the safe-haven appeal of gold. Spot gold, in global markets, rebounded 0.3 percent to 1,551.38 $ per ounce.

Analysts say that concerns of trade friction in US-China ties still remain and this will provide support to gold on the lower side. "I struggle to see gold trading below $1,500 for a sustainable period of time, over the next year or so, largely as a result of this trade uncertainty," Reuters quotes an ING analyst as saying.

Last year, gold prices rose 25 percent in India and 18 percent in global markets as US-China trade friction spurred concerns over the global economy.

"Gold fell sharply in the last few days as US-Iran toned down threats against each other reducing expectations of a major escalation of tensions in the Middle-east. US-China trade deal optimism also reduced gold’s safe-haven allure. The price, however, stabilized today as market players position for the signing of the US-China trade deal today. The phase 1 of trade deal is set to be signed today however there is uncertainty about terms of the deal as well as a timeline for future talks," Kotak Securities said in a note.

Among other precious metals, silver prices rose 0.3 percent to $17.83 per ounce, while platinum advanced 0.6 percent to $989.03.

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