According to Angel Commodities,yesterday the markets were closed on account of Christmas. On Monday, spot gold prices rose by 1.0 percent to trade at $1268.5 per tonne.
Yesterday the markets were closed on account of Christmas. On Monday, spot gold prices
rose by 1.0 percent to trade at $1268.5 per tonne. Slowdown in the global growth and
downfall in the stock market drove the investors to seek safety in the yellow metal.
Concerns over prolonged shutdown of the U.S. government coupled with slowdown in
the global growth have raised concerns amongst the inve stors. Trump stated that the
partial closure of the US federal government will continue until his demand for funds
to build a wall at US - Mexico border are met. Expectations of further rate hikes by FED
weighed on the Dollar which provided further support to the precious metal.
We expect gold prices to trade higher today on account of political tension in US and
Economic slowdown. However, stringer dollar might restrict the gains. On the MCX, gold
prices are expected to trade sideways today, international markets are trading higher by 0.
32 percent at $ 127 5.8 5 per ounce.
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