According to Angel Commodities, On Monday, spot gold prices dipped marginally by 0.01 percent to close at $1526.0 per ounce. The rising tension between U.S. & China pushed the investors to take shelter under the safe haven asset.
Angel Commodities' report on Gold
On Monday, spot gold prices dipped marginally by 0.01 percent to close at $1526.0 per ounce. The rising tension between U.S. & China pushed the investors to take shelter under the safe haven asset. Rising slowdown concerns amid an intense trade tiff between U.S. & China have boosted the demand for the yellow metal. U.S. levied 5% of additional duty on $550 billion worth of targeted Chinese goods which came after China decided to impose retaliatory tariffs on $75 billion worth of U.S. products. However the tension eased off a bit after President Trump expressed his optimism over a trade deal with China. He also added that Beijing was sincere in its desire to reach an agreement. Easing of tension between the two nations boosted the risk appetite amongst investors and weighed on the Gold prices.
Easing of tension between the largest economies in the world might dent the appeal for the safe haven asset, Gold. ON the MCX, gold prices are expected to trade lower today; international markets are trading higher by 0.04 percent to close at 1537.85 per ounce.
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