According to Angel Commodities, on Wednesday, Spot gold prices ended higher by 1.47 percent to close at $1426.6 per ounce. Weaker housing data by U.S. raised the chances of a possible rate cut by the U.S. Federal Reserve which weighed on the Dollar and in turn supported Gold prices.
Angel Commodities' report on Gold
On Wednesday, Spot gold prices ended higher by 1.47 percent to close at $1426.6 per ounce. Weaker housing data by U.S. raised the chances of a possible rate cut by the U.S. Federal Reserve which weighed on the Dollar and in turn supported Gold prices. Weaker U.S. data raised the possibility of a 25 basis point rate cut by the U.S. FED in their next meeting (end of this month) which might push the Dollar lower and make the bullion metal cheaper for other currency holders. Moreover, the worries over global slowdown continued to support the yellow metal prices as President Donald Trump stated that a deal between U.S. & China might take time but he wouldn’t fall back to impose tariffs on $325 billion worth of Chines imports in U.S. if needed.
Weaker data from US & Escalating trade tension between U.S. & China might raise slowdown concerns and in turn increase the demand for the safe haven asset, Gold. On the MCX, gold prices are expected to trade higher today; international markets are trading higher by 0.03 percent at $1423.85 per ounce.
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