According to Angel Commodities, on Wednesday, Spot Gold prices rose by 1.8 percent crossing the 1500 level to close at $1500.8 per ounce.
Angel Commodities' report on Gold
On Wednesday, Spot Gold prices rose by 1.8 percent crossing the 1500 level to close at $1500.8 per ounce. Prices rose after many central banks around trimmed the interest rates over rising slowdown concerns. India, New Zealand and Thailand trimmed their interest rates yesterday whereas Philippines are expected to cut down later in day. Moreover, escalating tension between U.S. & China threatened the global economic growth pushed the investors to take shelter under the safe haven asset; Gold. Rising global tension amid recession worries led to rally in Gold prices.
Escalating tension between U.S. & China amid central banks trimming down the rates around the global over recession worries might increase the demand for the safe haven asset, Gold. On the MCX, gold prices are expected to trade higher today; international markets are trading lower by 0.38 percent at $1513.65 per ounce.
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