On Wednesday, spot gold prices traded lower by 0.67percent to close at $1306.2per tonne. Dollar continued to strengthen over stronger US job data which pressurized the yellow metal in yesterday’s trading session. However, Spot Gold prices continued to trade above the $1300as concerns over global economic slowdown and the threat of another US government shutdown supported the safe haven asset. On the MCX, Gold prices rose 0.25percentto close at Rs.33327.0 per 10gms.
Outlook
Optimism expressed by Trump in his yesterday’s speech over a possible trade deal with China might support the prices. However, a stronger Dollar might weigh on the prices. On the MCX, gold prices are expected to trade lower today; international markets are trading marginally lower by 0.48percentat $1308.05per ounce.
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