According to Angel Commodities, On the MCX, gold prices are expected to trade higher today, international markets are trading lower by 0.18 percent at $1283.15 per ounce.
Last week, Spot Gold prices ended higher by 0.3 percent whereas Gold on the MCX ended lower by 0.68 percent. Escalating trade tension between US and China pushed the investors to take shelter under the safe haven asset. However, Appreciation in the U.S. Dollar and strengthening of global stocks dented the demand for the yellow metal.
The minutes from U.S. Federal reserve’s meeting in early May signalled that the FOMC will continue with their patient approach towards setting monetary policy for some more time.
Moreover, the U.S. 10-year Treasury yields declined to its lowest levels since December 2017 which further pressurized the U.S. Dollar in turn supporting Gold prices.
Outlook
U.S.-China trade tension has started pressurizing the US economy as well which weighed on the Dollar and might shift investors to take shelter under the safe haven asset. On the MCX, gold prices are expected to trade higher today, international markets are trading lower by 0.18 percent at $1283.15 per ounce.
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