According to Angel Commodities, Last week, area gold costs increased by 0.91 percent to trade at $1228 as the financiers sought refuge in safe house properties on account of fall in global equities.
Last week, spot gold costs increased by 0.91 percent to trade at $1228 as the investors looked for haven in safe haven assets on account of fall in global equities. In the most current United States FED conference minutes the tone was hawkish and the policy makers were unified in increasing interest rates even more in the coming year. These increasing rate of interest would include additional pressure on gold rates. Gold has fallen more than 10 percent from a peak in April, with financiers progressively changing to the security of the greenback as the U.S. – China trade war unfolds against a background of increasing U.S. rate of interest Concerns over economic development, political tensions between United States and Saudi continue to weigh on risk sentiments.
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We expect gold rates to trade higher today, global markets are trading greater by 0.1 percent at $12 2. Increasing inflationary risks on account of sanctions on Iran, and tensions in between United States and Saudi are push consider the near term. On the MCX, gold prices are anticipated to trade sideways today.