Angel Commodities' report on Gold
Spot gold prices traded higher marginally to close at $ 1257.3 per ounce as weakness in the DX coupled with ongoing trade tensions pushed the yellow metal to one week high. 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. MCX gold prices gained 0. 1 percent to trade at Rs. 30650 per 10 gms.
OutlookADP Nonfarm employment change and Non - Farm payrolls data due this week will decide further course of gold prices while interest rate hikes in the US will exert downside pressure on the yellow metal. On the MCX, gold prices are expected to trade lower today, international markets are trading flat at $ 1254.8 per ounce.
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Read More First Published on Jul 6, 2018 12:27 pm
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