Precious Metals Preview: Gold Mixed, MCX Futures End Just Above Rs 31K

Gold stayed mixed yesterday as the Italian political worries kept the metal supported though a rebound in US stocks capped the upside. Gold is hovering around $ 1300 this week. The Trump administration said it would proceed with tariffs on $ 50bn in Chinese imports and broader investment restrictions, rebooting a trade war with Beijing that it claimed was n++on holdn++ less than two weeks ago. The new tariffs, to be formally unveiled in two weeks, are intended to punish Beijing for what President Donald Trump has argued is a systematic campaign by China to steal US technology. The metal is currently trading at $ 1302 per ounce, up marginally on the day. MCX Gold futures closed at Rs 31016 per 10 grams, down 0.55% on the day. Gold had edged up earlier as major equity indices across the globe were impacted by Italys political crisis and fresh fears of a trade war between US and China. The prospect that Italy might need a fresh election that could effectively become a referendum on the nations inclusion in the euro zone has been hurting investor sentiments.