According to Angel Commodities, on Wednesday, Spot gold prices ended higher by 0.49 percent to close at $1333.2 per ounce.
Angel Commodities' report on Gold
On Wednesday, Spot gold prices ended higher by 0.49 percent to close at $1333.2 per ounce. Worries over global economic slowdown boosted the demand for he safe haven asset. On the MCX, Gold prices rose by 0.34 percent to trade at Rs.32742.0 per 10 grams. Moreover, the U.S. Federal Reserve might cut the interest rates considering global growth concerns which further supported the bullion metal. Even the U.S. consumer prices increased marginally last month, signalling towards slowdown in the economy which might further pressurized the Fed to trim the interest rates. Markets will have a keen watch on the next meeting of the US FED policymakers which is to be held on June 18-19, 2019.
A possible rate cut by the U.S. FED might continue to help support Gold prices. On the MCX, gold prices are expected to trade sideways today, international markets are trading higher by 0.18 percent at $1333.65 per ounce.
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