Gold Future Prices Remain Slightly Lower in Risk-On Trade

Gold Future Prices Remain Slightly Lower in Risk-On Trade

Gold futures prices remains slightly lower on Tuesday, as risk sentiment returned after weekend events seemed less catastrophic than initially expected.

Comex gold futures were down by $2.90 or about 0.22% at $1,332.98 a troy ounce.

MCX Gold was down 0.31 per cent, or Rs 94, at Rs 29,839 per 10 gram.

Spot gold had edged 0.1 per cent lower to $1,325.56 an ounce. In the previous session, it lost 1.4 per cent in its biggest one-day per cent decline since early July.

The world’s largest gold-traded fund, SPDR Gold Trust, fell 0.3 percent to 834,50 tonnes by Sept. 8.

The sentiment continued to improve as Hurricane IRMA less damage than expected in Florida, and North Korea did not fire missiles over the weekend.

The market participants have prepared additional provocations from North Korea on September 9, as the country celebrated its founding day. However, Pyongyang celebrated its anniversary without further missiles or nuclear tests.

Asian stocks rallied to a 10-year high on Tuesday as investors breathed a sigh of relief as North Korea’s concerns declined slightly and the worst-case scenario of Hurricane Irma was avoided.

The dollar made big gains on Tuesday after a sharp rebound against the yen and the euro.

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