According to Angel Commodities, yesterday, spot gold prices declined by 0.31 percent to trade at $1229.4 as the US dollar gained on worries over worries regarding slowing economic growth and fears that the US - China trade war could intensify.
Angel Commodities' report on Gold
Yesterday, spot gold prices declined by 0.31 percent to trade at $1229.4 as the US dollar gained on worries over worries regarding slowing economic growth and fears that the US - China trade war could intensify. The US is preparing to announce tariffs on all remaining Chinese products by early December if talks between Donald Trump and Xi Jingping fail to ease the trade war concerns. World shares sank towards their lowest level in a year, pressured by disappointing corporate earnings, Saudi Arabia's diplomatic isolation to a brewing spat over Italy's finances.
Bearish sentiments surrounding global equities and escalating trade war between US and China is likely to push gold prices lower. On the MCX, gold prices are expected to trade sideways today; international markets are higher by 0.28 percent at $12 28 perounce.
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