On Wednesday, spot gold prices declined marginally by 0.19 percent to close at $1273.7 per ounce. Stronger Chinese economic data eased the global slowdown concerns which increased the demand for riskier assets in turn pressurizing Gold. In the first quarter China’s economy grew at a steady rate of 6.4 percent, well above the expectations of a 6.3 percent expansion. Gold prices were also dented further over strong US economic data which eased slowdown concerns in the world’s largest economy. Strong US economic data is likely to strength US dollar in coming time. On MCX, gold prices declined by 0.22 percent for the day to close at Rs. 31850.
Outlook
Robust economic data from US & China might increase the demand for riskier assets and in turn might push Gold lower. On the MCX, gold prices are expected to trade sideways today; international markets are trading lower by 0.18 percent at $1274.45 per ounce.
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