Angel Commodities’ report on Gold
On Monday, spot gold declined by 0.31 percent to close at $1294.0 per ounce. Gold declined amongst the investors moved towards riskier asset class after better than expected US retail sales data eased the economic slowdown fears in turn leading to a rally in the global equities. The Federal Reserve Chairman Jerome Powell pointed towards a less Dovish approach as he stated last week that plans to closely monitor the effect of the global slowdown on United States and accordingly decide on the future of its rate hike trajectory. Rate hikes by FED will push the dollar higher making Gold expensive for other currency holders.
On the MCX, gold prices are expected to trade lower today; international markets are trading higher by 0.38 percent at $1296.05 per ounce.
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First Published on Mar 12, 2019 12:13 pm