Gold prices to trade lower today: 6 aug 2018

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 According to Sources, last week, spot gold prices traded lower by 1.3 percent to trade at $1206.91 per ounce while MCX gold prices declined by same margin to trade at Rs.29400 per 10 gms.

 Last week, spot gold prices traded lower by 1.3 percent to trade at  $1206.91 per ounce while MCX gold prices declined by same margin to trade at Rs.29400 per 10 gms. Upbeat assessment of the US economy and trade tensions between US and China has boosted investments in dollar in turn pressurising the yellow metal. Meanwhile, China vowed on Thursday to retaliate if the United States acted on a threat to raise tariffs on the Asian nation's exports, fueling fears in financial markets that the trade war between the world's two biggest economies would escalate.  Moreover, the Bank of England raised interest rates while the European Central Bank also intends to wind down its stimulus measures. Adding to the pressure on bullion are expectations that the Federal Reserve will raise interest rates again in September. Central banks all over the world are on a spree to raise interest rates which does not bode good for gold prices.

 Outlook
We expect gold prices to trade lower today as stronger dollar index and hopes that FED might raise interest rates and stronger US economy are factors exerting downside pressure on the yellow metal. On the MCX, gold prices are expected to trade lower today, international markets are trading lower by 0.01 percent at $12 24. 8 per ounce.

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