According to Angel Commodities, on Tuesday, spot gold prices rose by 0.8 percent to close at $1505.3 per ounce. Fading optimism over a possible trade deal between U.S. and China amid worries over the Brexit supported the bullion metal.
Angel Commodities' report on Gold
On Tuesday, spot gold prices rose by 0.8 percent to close at $1505.3 per ounce. Fading optimism over a possible trade deal between U.S. & China amid worries over the Brexit supported the bullion metal. With the trade negotiations coming up this week the situation between the two nations worsen as the U.S. government added some of China’s top artificial intelligence startups in their trade blacklist over Beijing’s treatment of Uighur Muslims and other predominantly Muslim ethnic minorities. Escalation in Sino-American trade tension ahead of the negotiations dented the risk appetite amongst investors and boosted the appeal for the safe haven, Gold.
Uncertainties looming ahead of the U.S.-China trade talks boost the appeal for yellow metal. Markets will have a keen watch on the FED minutes which will be released later in the day. On the MCX, gold prices are expected to trade higher today; international markets are trading higher by 0.46 percent to close at 1510.8 per ounce.
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