Gold prices push higher amid equities decline boosting demand for precious metal

Gold prices push higher amid equities decline boosting demand for precious metal

The prices of gold pushed higher on Monday, as stocks fell around the world, boosting safe-haven demand for the precious metal.

December gold futures delivery up 0.7 percent to $ 1223.70 an ounce on the Comex. The metal is down 5 percent this month and 7.4 percent in the third quarter, the first defeat this year.

The prices of gold have been boosted while pro-democracy demonstrators in Hong Kong battled with riot police, closing business territory center. Hong Kong shares fell nearly 2% overnight, while Asian equities were extensively lower.

Gold has traditionally been viewed as a safe haven investment in times of political instability.

Gold rises were kept in check by the ongoing strength of the dollar.

In the domestic market, gold has support from a weaker rupee. MCX Gold October futures price with 0.7 per cent rise is trading at Rs 26 980. The silver December futures at Rs 39 369 with a gain of 0.51 percent.

In the domestic market due to fall in rupee has increased purchases of gold and silver. Whereas at international market pressures on bullion. The dollar index continues to firmly. Such is the pressure in the internationally market.

Investors were seeking ahead of the economic data from the USA, with non-farm payrolls on Friday reported sharp focus after the report issued in August fell short of expectations.

The United States published data on personal income and expenditures later Monday, followed by a report on pending home sales.

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