According to Angel Broking, Gold prices declined half a percent on Wednesday to close at $1454.3 per ounce as equities climbed to record levels bolstered by hopes that the United States and China were close to signing an initial trade deal and by the release of robust U.S. economic data.
Angel Broking's report on Gold
Gold Gold prices declined half a percent on Wednesday to close at $1454.3 per ounce as equities climbed to record levels bolstered by hopes that the United States and China were close to signing an initial trade deal and by the release of robust U.S. economic data. The absence of signs of further monetary policy easing in the near term by the U.S. Federal Reserve did little to support gold. Fed Chair Jerome Powell said on Monday that monetary policy was "well positioned" to support the strong U.S. labour market. On the MCX, gold prices declined by 0.51 percent to close at Rs.37525 per 10 gms.
US Chair Powell’s comments on strong labour market and US China trade optimism will result in investors dumping safe haven assets in turn pressure on the yellow metal in the coming trading session. On the MCX, gold prices are expected to trade lower today, international markets are trading marginally higher by 0.09 percent at $1461.95 per ounce.
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