According to Angel Broking, On Tuesday, Spot Gold prices ended lower by 1.53 percent to close at $1635.1 per tonne after investors booked profits as Gold rose to over its seven year high.
Angel Broking's report on Gold
On Tuesday, Spot Gold prices ended lower by 1.53 percent to close at $1635.1 per tonne after investors booked profits as Gold rose to over its seven year high. Worries over the economic damage by the coronavirus outbreak continued to dent the risk appetite amongst investors in turn shifting the investors to take shelter under the safe haven asset, Gold. The impact of the virus breakout is much severe than earlier assessed which might hamper the global growth prospects and boost the demand for the bullion metal. Markets assessed that the U.S. Federal Reserve and European Central Bank will soon trim its interest rates considering the worries that the virus will spread and hit economic growth which further supported the yellow metal prices.
Outlook
Increase in number of coronavirus cases beyond China might continue to shift the investors towards the safe haven asset, Gold. On the MCX, gold prices are expected to trade higher today.
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