According to Angel Broking, On Tuesday, spot gold price ended lower by 1.82 percent to close at $1649.1 per ounce as hopes over stimulus measures by the U.S. to counter the deadly Coronavirus breakout pushed the Dollar Index higher.
Angel Broking's report on Gold
On Tuesday, spot gold price ended lower by 1.82 percent to close at $1649.1 per ounce as hopes over stimulus measures by the U.S. to counter the deadly Coronavirus breakout pushed the Dollar Index higher. Appreciating Dollar made the yellow metal expensive for other currency holders which pushed the prices lower. However, worries over the economic impact of the deadly Coronavirus breakout from China which has now branched out in over 70 nations limited the downfall in the yellow metal prices. Even Japan infused liquidity in their markets of around $4 billion to support their economy from the epidemic.
Rising concerns over the rapidly spreading Coronavirus coupled with plunge in Oil prices might continue to support the bullion metal prices. On the MCX, gold prices are expected to trade higher today.
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