According to Angel Commodities, on Monday, spot gold prices rose marginally by 0.22 percent to close at $1335.9 per ounce as the U.S. dollar turned lower, but caution over the prospect of a potential escalation in the China - U.S. trade dispute, upcoming U.S. data and U.S. Federal Reserve meeting minutes kept prices in a range.
Angel Commodities' report on Gold
On Monday, spot gold prices rose marginally by 0.22 percent to close at $1335.9 per ounce as the U.S. dollar turned lower, but caution over the prospect of a potential escalation in the China - U.S. trade dispute, upcoming U.S. data and U.S. Federal Reserve meeting minutes kept prices in a range. The two countries have threatened each other with tens of billions of dollars of tariffs, but officials in U.S. President Dona ld Trump's administration have stressed the tariffs are not yet in place and the dispute could be resolved through talks. Chinese President Xi Jinping is due to deliver a speech on Tuesday at the Boao Forum for Asia in Hainan province. On the MCX, gold prices rose 0.26 percent to close at Rs.30935 per 10 gms.
OutlookWe expect gold prices to trade volatile with Chinese president speech today and trade war scenario escalating between US and China are near term factors. On the MCX, gold prices are expected to trade volatile today, international markets are trading marginally lower by 0.2 percent at $1336.2 per ounce.
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