According to Angel Broking, On Monday, Spot Gold prices ended lower by 0.13 percent to close at $1571.9 per ounce
Angel Broking's report on Gold
On Monday, Spot Gold prices ended lower by 0.13 percent to close at $1571.9 per ounce. Concerns over the economic damage by the coronavirus outbreak continued to weigh on the market sentiments and support Gold prices. Rising worries of a global epidemic also boosted the demand for the U.S. Dollar which made the yellow metal expensive for other currency holders. An evident slowdown the second largest economy in the world, China might continue to support Gold prices. The death toll has crossed 1000 in China with over 40,000 people infected by the coronavirus.
Outlook
The rapidly spreading virus and its economic impact might boost the appeal for the safe haven asset, Gold. However, appreciating Dollar might weigh on the yellow metal prices. On the MCX, gold prices are expected to trade higher today.
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