According to Angel Commodities, on the MCX, gold prices are expected to trade higher today, international markets are trading lower by 0.18 percent at $1283.15 per ounce.
Angel Commodities' report on Gold
On Thursday, spot gold prices ended higher by 0.76 percent to close at $1283.1 per ounce. After sharp declines over the week Gold recovers after U.S. Dollar depreciated over weak U.S. data. Escalating trade tension between U.S. & China raise global economic growth concerns which further weighed on the Dollar as well as the global equities.
Moreover, the U.S. 10-year Treasury yields declined to its lowest levels since December 2017 which further pressurized the U.S. Dollar in turn supporting Gold prices. The minutes from U.S. Federal reserve’s meeting in early May signalled that the FOMC will continue with their patient approach towards setting monetary policy for some more time.
Weaker US data might weigh on the Dollar in turn supporting Gold prices. Moreover, escalating trade tension might dent the risk appetite amongst investors shifting them to take shelter under the safe haven asset. On the MCX, gold prices are expected to trade higher today, international markets are trading lower by 0.18 percent at $1283.15 per ounce.
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