collected by :kiven Dixter
Gold prices to trade lower today: Angel CommoditiesAngel Commodities' report on GoldOn Thursday, spot gold prices fell 0.7 percent to close at $ 1222.3 per ounce as trade jitters eased after US - EU trade talks after the United States agreed to refrain from imposing tariffs on cars from the European Union. Rising investor interest in gold can be seen in the holdings of the largest gold - backed, exchange - traded fund, New York's SPDR Gold Trust GLD, which are up more than 1 percent to 25.803 million ounces since July 18. On the MCX, gold prices fell 0.4 percent to close at Rs. OutlookWe expect gold prices to trade lower today as optimism in trade talks between the US and EU will hurt safe haven demand. On the MCX, gold prices are expected to trade lower today; international markets are trading 0.2 percent higher at $ 1224.1 per ounce.
Gold prices to trade lower today: Angel CommoditiesAngel Commodities' report on GoldOn Thursday, spot gold prices fell 0.7 percent to close at $ 1222.3 per ounce as trade jitters eased after US - EU trade talks after the United States agreed to refrain from imposing tariffs on cars from the European Union. Rising investor interest in gold can be seen in the holdings of the largest gold - backed, exchange - traded fund, New York's SPDR Gold Trust GLD, which are up more than 1 percent to 25.803 million ounces since July 18. On the MCX, gold prices fell 0.4 percent to close at Rs. OutlookWe expect gold prices to trade lower today as optimism in trade talks between the US and EU will hurt safe haven demand. On the MCX, gold prices are expected to trade lower today; international markets are trading 0.2 percent higher at $ 1224.1 per ounce.
Gold prices in full swing
Gold prices are sensitive to interest rate hike and inversely correlated to the external value of the US dollar. (File photo)Strong dollar, Fed rate hikes to keep prices down longerThe recent drop in gold prices may last a bit longer as the strong dollar and US rate hikes will continue to keep the yellow metal under pressure, market experts have said. "We expect gold prices to remain under pressure as a strengthening US economy continues to hike interest rates leading to an appreciation of the dollar. Gold prices are sensitive to interest rate hike and inversely correlated to the external value of the US dollar. This is arguably the dominant factor driving gold prices currently," Dr Marie Owens Thomsen, global head of economic research at Indosuez Wealth Management, noted.
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