MCX Gold was trading 0.25 per cent, or Rs 78, up at Rs 31,052 per 10 gram at around 11.25 am (IST), whereas MCX Silver was up 0.06 per cent, or Rs 25, at Rs 40,045 at around the same time.
Angel Commodities said, “Gold prices are likely to trade higher as tariff war between the US and China will boost safe haven demand.”
Meanwhile, benchmark BSE Sensex slipped by over 150 points following weak global cues and US-China trade spat. Unabated capital outflows by foreign funds and profit-booking by retail investors too dampened sentiment.
The rupee was down by 14 paise to 68.13 against the US dollar in late morning trade on sustained demand for the American currency from importers and banks amid lower local equities.