Last week, Spot Gold prices rose marginally by 0.3 percent to close at $1292.05 per tonne. While on the MCX prices rose 1.15% to close at Rs.32012 per 10gms. Prices started to rise after US and China resumed their trade talks to end the tariff dispute. However, global rebound in equities after dovish remarks from FED pointed towards an improved risk appetite amongst investors might reduce demand for the yellow metal. FED Chairman, Jerome Powell further confirmed slowdown in the rate hike in 2019, which pushed the Dollar Index lower. The Minutes of the FOMC (Federal Open Market Committee) Dec 2018 policy meeting which released last week further confirmed slowdown in the rate hike. Gains were restricted after Global stock rally over optimism of a possible trade deal between US - China pointing towards increasing risk appetite amongst investors in turn reducing the demand for Gold. However, Increasing Gold ETF demand restricts the downtrend in the precious metal.
Outlook
International markets trading higher by 0.16 percent at $ 1291. 5 per ounce. Rate hike pause by FED might support Gold prices. On the MCX, gold prices are expected to trade sideways.
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Source: Moneycontrol
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