According to Angel Commodities, last week, spot gold prices increased by 0.9 percent to close at $1 206 as the investors sought refuge in safe haven assets after Italy’s budget jitters threatened the European currency.
Angel Commodities' report on Gold
Last week, spot gold prices increased by 0.9 percent to close at $1 206 as the investors sought refuge in safe haven assets after Italy’s budget jitters threatened the European currency. During the week gold touched a low of $1184.21. Moreover, US FED Chairperson Jerome Powell in his recent interview reiterated the strength in the US economy and the Central bank is well on its path for future rate hikes. He also mentioned that the labour market is not overheating or price pressure accelerating. The economic data released from the U.S. supported the view of an economy that is on a stable growth path. U.S. non - manufacturing PMI came in at 61.6 against market expectations of 58. On MCX, gold prices increased by 1.9 percent to close at Rs.31050
Outlook
Safe have demand has increased with Italian crisis spilling over across all the asset classes while Stronger US economy acts as a dent for rising bullion prices. On the MCX, gold prices are expected to trade lower today, international markets are trading lower by 0.5 percent today at $1196 ounce.
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