According to Angel Commodities, last week, spot gold prices traded lower by 0.2 percent to trade at $1210.24 per ounce while MCX gold prices increased by 0.5 percent to Rs.29630 per 10 gms.
Angel Commodities' report on Gold
Last week, spot gold prices traded lower by 0.2 percent to trade at $1210.24 per ounce while MCX gold prices increased by 0.5 percent to Rs.29630 per 10 gms. Rising dollar on hopes or rising interest rates in the US and strong demand for US Treasury bonds, refuge from trade tensions are near term push factors for the yellow metal. The latest salvo on the trade front came from the United States, which said it would begin collecting tariffs on another $16 billion in Chinese goods on Aug. 23. The final tariff list targeting 279 import product lines brings to about $50 billion in goods that now face a 25 percent tariff that U.S. President Donald Trump has imposed on Chinese imports in an escalating trade war. Moreover, the U.S. Federal Reserve is expected to increase interest rates twice more this year and three times next year. The next policy meeting is in September will be crucial.
Outlook
We expect gold prices to trade lower today as fall in Turkish Lira and trade tensions between US and Turkey is leading all the investments to move in to dollar and yen in turn pressurising all the commodities including gold and silver. On the MCX, gold prices are expected to trade lower today, international markets are trading lower by 0.3 percent at $12 07 per ounce.
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