According to Angel Broking, On Wednesday, spot gold prices ended lower by 0.08 percent to close at $1471.2 per ounce.
Angel Broking's report on Gold
On Wednesday, spot gold prices ended lower by 0.08 percent to close at $1471.2 per ounce. Uncertainties revolving around the prolonged trade spat seemed to ease down after U.S. issued licenses for some of their companies to deal with the Chinese firm, Huawei which was earlier blacklisted. However, no concrete outcome of the 16 month long trade war continued to weigh on the market sentiments in turn limiting the downfall in prices. Tension escalated between both the nations after U.S. passed a bill requiring annual certification of Hong Kong’s autonomy. China has asked U.S. to stop interfering in their internal matter. President Donald Trump threatened of imposing fresh tariffs on China if the two nations fail to strike a deal soon which weighed on the market sentiments.
Fading optimism over a possible trade deal between U.S. & China amid rising political tension in Hong Kong might boost the demand for Gold and push the prices higher. On the MCX, gold prices are expected to trade higher today; international markets are trading lower by 0.11 percent at $1472.55 per ounce.
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