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Last Updated : Mar 07, 2018 12:25 PM IST | Source: Moneycontrol.com

Gold prices to trade higher today: Angel Commodities

According to Angel Commodities, on Tuesday , spot gold prices surged more than 1 percent to close at $ 1334.1 per ounce as risk aversion in the global markets of fears of a possible trade war citing recently announced tariffs on Steel and Aluminium by the US, boos ted the safe haven metal.


Angel Commodities' report on Gold


On Tuesday , spot gold prices  surged  more  than 1 percent to close at  $ 1334.1 per ounce as risk aversion in the global markets of fears of a  possible trade war citing recently  announced tariffs on Steel and  Aluminium by the US, boos ted the  safe haven metal. This optimism in gold came from U.S. President Donald Trump's announcement last week that the country would levy hefty tariffs on aluminum and steel imports. This was followed by threats of retaliation from the European Union and Canada. On the MCX, gold prices rose by 0. 7 percent to close at Rs. 30679 per 10 gms.


Outlook
We expect gold prices to trade higher today as trade war concerns between US and other countries will limit risk appetite and boost safe haven. Also, resignation of Gary Cohn will boost gold. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by 0.1 percent at $ 1334.9 per ounce.

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First Published on Mar 7, 2018 12:25 pm
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