According to Angel Commodities, spot gold prices slipped to six month low in yesterday's session pressurized by a stronger DX citing higher US interest rate prospects.
According to Angel Commodities, Spot gold prices plunged sharply on Tuesday to one year low levels of $1226.8/oz as dollar gained momentum after U.S. Federal Reserve Chairman Jerome Powell backed continued hikes in interest rates in his testimony.
According to Angel Commodities, last week, spot gold prices traded lower by 1 percent to trade at $1240 per ounce while MCX gold prices declined 1.5 percent to trade at Rs.30112 per 10 gms.
Commodity experts feel uncertainty will persist over the short term and investors should exercise caution in raising exposure.
Marketmen said apart from a weak global trend, falling demand from local jewellers and retailers at domestic spot market kept the precious metal lower.
According to Angel Commodities, gold prices are expected to trade lower today, international markets are trading flat at $ 1250.4 per ounce.
US gold futures for August delivery were 0.3 percent lower at $1,251.90 an ounce.
According to Angel Commodities, Last week, spot gold prices traded marginally higher to close at $1254.2 per ounce while MCX gold prices gained 0.4 percent to trade at Rs.30560 per 10 gms.
If the trade war escalates, then China could sell US treasuries and buy gold.
According to Angel Commodities, Spot gold prices traded higher marginally to close at $ 1257.3 per ounce as weakness in the DX coupled with ongoing trade tensions pushed the yellow metal to one week high.
According to Angel Commodities, Spot gold prices traded higher by 0.9 percent to trade at $ 1252.4 per ounce while MCX gold prices gained 0. 7 percent to trade at Rs. 30493 per 10 gms as weakness in the DX supported an upside.
According to Angel Commodities, last week, spot gold prices traded lower by 1.28 percent to trade at $1252 per ounce while MCX gold prices declined 0.58 percent to trade at Rs.30432 per 10 gms.
A Death Cross is a technical pattern which is formed when a 50-period moving average crosses below the 200-period moving average
In the national capital, gold of 99.9 and 99.5 percent purity commenced the week on a firm note at Rs 31,650 and Rs 31,500 per 10 gram respectively on some buying support.
Base metals are under pressure in the international market due to tight monetary policy of the Federal Reserve
According to Angel Commodities, on Wednesday, spot gold prices declined 0.56 percent to close at $1251.6 per ounce as the U.S. dollar steadied and investors turned to other safe - haven assets amid expectations of more interest rate hikes by the U.S. Federal Reserve.
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.
Marketmen said apart from a firm trend overseas as weaker dollar raised demand for the precious metal, sustained buying by local jewellers at domestic spot market kept gold prices higher.
Globally, gold settled the week lower at USD 1,268.90 an ounce and silver at USD 16.43 an ounce in New York.
According to Angel Commodities, on Wednesday, spot gold prices declined half a percent to close at $1267.7 per ounce remaining near a six - month low on Wednesday as the U.S. dollar hovered around 11 month peaks but was offset by festering global trade tensions.
Gold prices, which can benefit in times of uncertainty, failed to gain so far this week, despite the ongoing trade war.
Trump threatened on Monday to impose a 10 percent tariff on $200 billion of Chinese goods.
Gold price slashed by Rs. 335 per ten grams, silver prices also dipped by Rs. 1310 per Kg. Gold Rs 30,765 per 10 grams and silver at Rs 40,205.
Rising prices, depreciating rupee and geopolitical tensions between the US and China will likely to have negative impact on the gold and diamond jewellery business.
Permitting commodity exchanges to participate in spot trading likely to transform the entire industry. Synchronising spot and the derivative market will aid market participants to hedge their risk associated with commodity transactions.