According to Angel Commodities, on Monday, spot gold prices dipped by 1.24 percent to close at $1495.0 per ounce.
Angel Commodities' report on Gold
On Monday, spot gold prices dipped by 1.24 percent to close at $1495.0 per ounce. Spot gold prices declined below the $1500 mark recording its biggest daily fall in almost a month. Markets seem to move towards riskier assets as the U.S. Treasury yield curve is no longer pointing towards an evident recession. Correction in the treasury yield supported the U.S. Dollar and weighed on the yellow metal prices. Moreover, the dispute between U.S. & China showed some signs of easing the intense trade war which further boosted the risk appetite amongst investors. Rising bond yields globally amid easing of tension between the biggest economies in the world dented the appeal for the bullion metal.
We expect gold and silver prices to trade lower as appreciation in the U.S. Dollar and fading concerns over a possible recession dented the appeal for the safe haven asset, Gold. ON the MCX, gold prices are expected to trade lower today; international markets are trading lower by 0.39 percent to close at 1505.55 per ounce.
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