According to Angel Commodities, last week, spot gold prices declined 0. 4 percent to trade at $ 1311.2 per ounce while MCX gold prices declined 0.6 percent although rupee depreciation of around 2 percent did not help gold prices much.
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Angel Commodities' report on Gold
Last week, spot gold prices declined 0. 4 percent to trade at $ 1311.2 per ounce while MCX gold prices declined 0.6 percent although rupee depreciation of around 2 percent did not help gold prices much. Stronger US dollar optimistic data sets from the US and assurance from the FED that the rate hikes will be gradual in 2018 kept the gold prices in check for most of the last week. The Fed said inflation on a 12 - month basis was "expected to run near the committee's symmetric 2 percent objective". However, sharp downside was limited as u ncertainties supported bullion, including U.S. - China trade talks and the potential U.S. withdrawal from the Iranian nuclear accord.
OutlookWe expect gold prices to trade higher today as the Iranian nuclear accord and the US China trade tensions will boost safe haven demand. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by 0.2 percent at $ 1317.70 per ounce.
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