According to Angel Commodities, Spot gold prices declined 0.28 percent to close at $1265 per ounce. Gold prices plunged to six month lows in yesterday session despite rising global trade tensions.
Angel Commodities' report on Gold
Spot gold prices declined 0.28 percent to close at $1265 per ounce. Gold prices plunged to six month lows in yesterday session despite rising global trade tensions. Gold prices fell despite a report said the United States plans to bar Chinese companies from investing in its Technology firms, as investors ignored the safe haven metal. The dollar fell off an 11 - month high against a basket of major currencies as the Philadelphia Federal Reserve's gauge of U.S. Mid - Atlantic business activity fell to a near 1 - 1/2 year low, spurring profit - taking on the greenback. Holdings of the largest gold - backed exchange traded fund (ETF), the New York - listed SPDR Gold Trust GLD have fallen nearly five percent to 26.645 million ounces since late April. On the MCX, gold prices gained marginally to close at Rs. 30657 per 10 gms.
We expect gold prices to trade lower today as US and China might come on the discussion table for trade talks which might lower the safe haven appeal for gold. On the MCX, gold prices are expected to trade lower today, international markets are trading flat at $ 1264 per ounce.
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