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Gold rate today: Bullion jumps as US clarifies China tariffs in place till Phase 2 deal

image Bullion counters were trading in the green in Wednesday’s trade as traders rushed to safe-haven commodities after the US Treasury Secretary said that tariffs on Chinese products would remain in place for now.

The joint statement from the Treasury and the US Trade Representative's office said "there is no agreement for future reduction in tariffs. Any rumours to the contrary are categorically false."

Gold futures were up 0.59 per cent to Rs 39,681 per 10 grams, while silver futures gained 0.77 per cent to Rs 46,256 per kg.

Brokerage SMC Global said gold can dip lower towards Rs 39,100 while facing resistance near Rs 39,600, while silver can test Rs 45,600 while facing resistance near Rs 46,200.

Globally also gold prices rose as investors sought safer assets amid uncertainty about the effectiveness of the US-China Phase 1 trade deal. ...................................ET

15-Jan-2020