Gold prices to trade lower today: Angel Commodities - 24 Aug 2018
According to Angel Commodities, on Thursday, spot gold prices declined 1184.3 per ounce under pressure from a stronger dollar as a prominent U.S. Federal Reserve official reaffirmed the central bank's intention to raise interest rates and punitive trade tariffs between the United States and China kicked in
Angel Commodities' report on Gold
On Thursday, spot gold prices declined 1184.3 per ounce under pressure from a stronger dollar as a prominent U.S. Federal Reserve official reaffirmed the central bank's intention to raise interest rates and punitive trade tariffs between the United States and China kicked in. Meanwhile, trade tariffs imposed by the United States and China on each other kicked in on Thursday, benefiting the safe - haven U.S. currency. On the MCX, gold prices declined 0.24 percent to close at Rs.29608 per 10 gms.
Outlook
We expect gold prices to trade lower continuing its weakness from the previuous trading session while investors run towards safe haven currencies such as dollar and the trade war between US and China are near term push factors. On the MCX, gold prices are expected to trade sideways today; international markets are trading higher by 0.2 percent to close at $1187 per ounce.
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