Angel Commodities’ report on Gold
Spot gold prices traded higher by 0.9 percent to trade at $ 1252.4 per ounce while MCX gold prices gained 0. 7 percent to trade at Rs. 30493 per 10 gms as weakness in the DX supported an upside. Despite escalating trade tensions between US and China, gold prices have been falling as markets are pricing in two more rate hikes for the rest of the year. Rising interest rate scenarios does not favour investments in the yellow metal and hence the prices correction. The US economy growing at 4.5 annualised rate in the second quarter, and steady dollar are blend of options for gold prices to move down in the coming weeks.
Low volatility will be seen as US markets are closed today. On the MCX, gold prices are expected to trade higher today.
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