According to Angel Broking, On Thursday, spot gold prices ended lower by 0.22 percent to close at $1552.3 per tonne.
Angel Broking's report on Gold
On Thursday, spot gold prices ended lower by 0.22 percent to close at $1552.3 per tonne. Gold continue to decline after optimistic comments from U.S. & Iranian major officials boosted the risk appetite amongst investors in turn denting the appeal for the safe haven asset. Appreciating U.S. Dollar further pressurized the yellow metal prices. Gold prices touched $1600 mark earlier in the week after Iran attacked U.S.-led forces in Iraq. The attack was in retaliation of the U.S. drone strike that killed an Iranian military commander last week. However, U.S. House of Representatives passed a resolution to stop President Donald Trump from any further military action against Iran which further eased the global tension. The downtrend was limited after President Donald Trump stated that his administration will start negotiating the 'Phase 2' agreement with China but only after November 2020 U.S. presidential election.
Easing of tension between U.S. & Iran might dent the demand for the safe haven asset, Gold and weigh on the prices. On the MCX, gold prices are expected to trade sideways today; international markets are trading lower by 0.37 percent at 1548.60 per ounce.
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