According to Angel Commodities, Last week, spot gold prices rose by 1.72 percent to trade at $1260 per tonne while MCX gold prices traded lower by 1.2 percent as rupee appreciation led to the fall in the Indian markets.
Angel Commodities' report on Gold
Last week, spot gold prices rose by 1.72 percent to trade at $1260 per tonne while MCX gold prices traded lower by 1.2 percent as rupee appreciation led to the fall in the Indian markets. Investors have dumped risky assets and dollar has lingered to near one month lows after the Federal Reserve signalled fewer interest rate hikes over the next two years and expressed caution about the U.S. economic outlook. In a sign of demand for precious metals, sales of U.S. Mint American Eagle gold and silver coins are closing out their weakest year since 2007, as investors favoured higher - yielding assets, despite volatility in global stock and bond markets late in the year.
Outlook
We expect gold prices to trade sideways today, as western world are in holiday mood for Christmas and there will be less volatility. On the MCX, gold prices are expected to trade lower today, international markets are trading higher by 0.5 percent at $12 62 per ounce.
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