On Thursday, Spot gold prices declined by 0.51 percent to close at $ 1286.3. per tonne as investors cut off their shorts against U.S. Currencies. Stronger dollar pushed the yellow metal prices lower. FED Chairman, Jerome Powell further confirmed slowdown in the rate hike in 2019 which might restrict the gains for the Dollar Index. On the MCX Gold prices traded lower by - 0.38 percent to close at Rs. 3 1880.0 per 10g ms.
Outlook
International markets trading higher by 0.3 3 percent at $ 1291.65 per ounce. FED’s dovish statement might pressurize the Dollar and in turn support the yellow metal prices. On the MCX, gold prices are expected to trade sideways.
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