According to Angel Broking, Last week, spot gold prices rose marginally higher by 0.8 percent. Mixed signals over ending the prolonged trade war between U.S. & China weighed on the market sentiments.
Angel Broking's report on Gold
Last week, spot gold prices rose marginally higher by 0.8 percent. Mixed signals over ending the prolonged trade war between U.S. & China weighed on the market sentiments. During the start of the week, US President Donald Trump commented that the trade deal with China might get pushed until after the US Presidential elections in 2020. However, later on the POTUS announced that the talks between both nations are going well. Amid all this drama the deadline of 15th Dec for tariff hikes still looms ahead. The absence of signs of further monetary policy easing in the near term by the U.S. Federal Reserve supported the U.S. Dollar in turn pressurizing the yellow metal prices. US FED will be conducting their monetary policy meeting on 12th Dec’19.
We expect gold prices to trade higher today as markets sought clarity on US-China trade in conflicting signals whether the trade deal will get signed before the imposition of tariffs on December 15th. On the MCX, gold prices are expected to trade higher today, international markets are trading marginally lower by 0.06 percent at $1464.15 per ounce.
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