Gold price shines on global cues.
Gold futures were trading higher during the evening trade in the domestic market on Wednesday as safe haven assets become more attractive for investors as Donald Trump stunned the financial markets by winning the US presidential election.
Moreover the crackdown of Rs.500 and Rs. 1000 denomination notes has led to a sudden surge in demand for gold. People having stash of unaccounted cash are trying to convert their wealth into gold as they fear scrutiny by the tax department if the cash is deposited in banks.
Oil edges higher after shock Trump victory for US presidency.
Oil Prices moved higher on Wednesday as stocks and the dollar bounced back from a huge early slide following Donald Trump’s surprise victory in the US presidential election.
Crude oil prices tumbled as much as 4 percent to near $43 a barrel, a near two-month low, late Tuesday night as it become clear US votes picked Trump as their next president. That sell-off was a part of a broad-based market reaction where investors Tuesday night fled risky assets such as stocks and the dollar which have since recovered in value.
But now, as Trump has won the election, the market has now started to recover from their overnight lows.