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Gold slips from nine-month high as dollar retreats

Gold prices slipped from nine-month high prices as dollar retreated on the back of political uncertainty in the US and a suspected terrorist attack in Spain aided the bullion prices.

Spot gold, was trading flat at 1,288.06 per ounce on Friday, earlier in the day it had touched its highest since November 9 at USD 1,300.80 per ounce.

US gold futures for December delivery settled down at USD 1,291.60 per ounce.

The Spanish government launched an extensive anti-terrorism operation on Friday, after a van mowed through a crowd of tourists in Barcelona, killing at least 13 people on Thursday.

Silver fell 0.19% to USD 16.96 an ounce, having touched a two-month high of USD 17.25.

Platinum was up 0.1% at USD 973.50, on track for a third straight week of gains.

Meanwhile, India’s gold imports are likely to jump by a-third in 2017 to 750 tonnes on restocking by jewellers and as good monsoon rainfall is expected to boost demand in rural areas during the upcoming festive season, reported a leading new agency.

Also, India’s Multi Commodity Exchange (MCX) will launch the country’s first gold options contract in September allowing even smaller players in the bullion industry an instrument to hedge their risk.