According to Angel Commodities, yesterday, international spot gold prices increased by 0.36 percent to close at 1206.8 . On the MCX, gold prices decreased by 0.009 percent during the same time frame.
Angel Commodities' report on Gold
Yesterday, international spot gold prices increased by 0.36 percent to close at 1206.8 . On the MCX, gold prices decreased by 0.009 percent during the same time frame. On Thursday, dollar fell by 0.7 percent which led to rise in gold prices. Meanwhile, Donald Trump has announced that the 10 percent tariffs on $200 billion of Chinese imports will be imposed in the coming week and China retaliated with a round a tariffs on US imports worth $60 billion. Markets were relieved as they felt the tariffs applied by both countries were less than originally expected and hence led to the weakening of dollar. Since its peak in Apr’18 gold spot prices have declined by nearly 10 percent on account of rising trade war concerns and investors running towards dollar as a safe haven rather than choosing the traditional safe haven of gold. Investors are awaiting next week’s FED meeting in order to get clarity on interest rate hikes and their view on the US economy.
Outlook
We expect gold prices to trade higher today on account of weaker dollar and easing trade war concerns. On the MCX, gold prices are expected to trade higher today; international markets are trading higher by 0.15 percent to trade at $1208.6 per ounce.
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