According to Angel Commodities, On Thursday , spot gold prices fell 0.24 percent to close at $ 1297.9 per ounce as U.S. Personal Consumption Expenditures Index (PCE) showed inflation and core inflation for the year at 2.0% and 1.8% respectively , unchanged from the previous month and in line with expectation.
Angel Commodities' report on Gold
On Thursday , spot gold prices fell 0.24 percent to close at $ 1297.9 per ounce as U.S. Personal Consumption Expenditures Index (PCE) showed inflation and core inflation for the year at 2.0% and 1.8% respectively , unchanged from the previous month and in line with expectation. However , s harp los ses were limited as the dollar wilted after U.S. data showed the U.S. economy slowed slightly more than initially expected in the first quarter while political uncertainty lingered in Italy. U.S. gross domestic product increased at a 2.2 percent annual rate, the Commerce Department said in its second estimate of first - quarter GDP, instead of the previously reported 2.3 percent pace. On the MCX, gold prices declined 0.7 percent to close at Rs. 30831 per 10 gms.
OutlookLatest announcement by the US to impose tariffs on aluminium and steel imports from Canada, Mexico and the European Union would worsen global sentiments further, in turn paving away to demand for the safe haven. Uncertainty between US and China with regards to trade war, weak dollar index and political turmoil in Italy are near term push factors for gold prices to move higher. On the MCX, gold prices are expected to trade higher today, international markets are trading flat at $ 1298.3 per ounce.
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