Gold prices up as geopolitical tensions bring back safe-haven demand

Gold prices rose on Monday breaking their falling trend in the last two week as attacks on Saudi Arabia's oil facilities raised geopolitical risks.

The weak rupee also lifted gold prices.

MCX October gold futures were trading 1.3% higher at Rs 38,015/10g. 

Meanwhile, global gold prices rose 1% following the attack Saudi Aramco's facilities, raising the demand for save havens.

Prices had fallen 1.2% in the last week on signs of a trade truce between the US-China.

US gold futures are once again above $1,500 per ounce.

Back home, weak retail demand has led to jewellers giving discounts and avoiding stocking up ahead of the festive season. The demand has been subdued due to gold prices being near all-time highs.

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