According to Angel Commodities, last week, spot gold prices traded lower by 1 percent to trade at $1240 per ounce while MCX gold prices declined 1.5 percent to trade at Rs.30112 per 10 gms.
Last week, spot gold prices traded lower by 1 percent to trade at $1240 per ounce while MCX gold prices declined 1.5 percent to trade at Rs.30112 per 10 gms. Threat of tariffs by the US on additional $200 billion of Chinese goods, dollar index trading at 11 month highs, falling holdings in the SPDR gold trust, led to the fall in gold prices. Fed Chairman Jerome Powell said he believes the U.S. economy remains in a “good place,” with recent government tax and spending programs likely to boost gross domestic product for perhaps three years. Strong US inflation data and trade war concerns will continue to drive the prices of the yellow metal in the weeks ahead. Gold price s are likely to trend higher from seven month lows in the previous session as ongoing trade tensions along with weakness Chinese GDP data will be supportive.
Outlook
We expect gold prices to trade lower as comments from Fed Chairman Jerome Powell about growth in the US economy are the near term factors for the yellow metal. On the MCX, gold prices are expected to trade lower today, international markets are trading flat at $1246.3 per ounce.
