According to Angel Commodities, on Monday, Spot gold prices dipped by 0.13 percent over increasing risk appetite amongst the investors.
Angel Commodities' report on Gold
On Monday, Spot gold prices dipped by 0.13 percent over increasing risk appetite amongst the investors. Weakness in China’s economy is evident after their second-quarter annual GDP growth fell to a 27- year low of 6.2%. However, industrial production, urban investment and retails sales were above expectation which negated the global slowdown worries and in turn dented the appeal for the safe haven asset. Moreover, even the Dollar appreciated against the basket of currencies which made Gold expensive for other currency holders and pushed the prices lower. Markets will also have an eye for hints for the next move by the U.S. Federal Reserve. Chances of a possible rate cut by the end of this month limited the downfall in Gold prices.
Markets will have a keen watch on the next move by the U.S. FED as a rate cut might push the Dollar lower and in turn support Gold. On the MCX, gold prices are expected to trade higher today; international markets are trading higher by 0.11 percent at $1415.05 per ounce.
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