Gold Silver Reports (GSR) – In global markets, gold prices edged lower today as the dollar firmed ahead of an expected meeting between US President Donald Trump and China’s President Xi Jinping at the G20 summit.
Spot gold prices were down 0.2% at $1,221.80 per ounce while US gold futures inched 0.2% lower to $1,221.70 an ounce.
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The rupee today rose to 69.58 against the dollar, making the cost of imported gold cheaper. The rupee had jumped 77 paise to 69.85 per US dollar on Thursday.
Craig Erlam, an analyst at OANDA, said that if gold prices break below $1,200, $1,180 levels would come into focus. On the higher side, gold has resistance at $1,240 and then at $1,260, the analyst said.
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Investors pulled out Rs 290 crore during first half of the fiscal. The assets under management (AUM) of gold funds also went down by 8% to Rs 4,621 crore at the end of October this year from Rs 5,017 crore a year ago.
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Financial planners say that investors should look to allocate 5-10% of the portfolio towards gold, which works as a portfolio hedge and helps reduce overall portfolio volatility.
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Meanwhile, data from domestic mutual fund body showed that gold exchange-traded funds (ETFs) continued to lose steam during the April-October period of this year.
