Gold trades lower

According to Angel Commodities, yesterday, spot gold prices declined by 0,78 percent to close at 1191. On the MCX, gold prices followed the same trend and declined 0,49 percent during the same time frame.

Yesterday, spot gold prices declined by 0,78 percent to close at 1191. On the MCX, gold prices followed the same trend and declined 0,49 percent during the same time frame. Meanwhile, stronger dollar added further downward pressure on Gold prices. Latest moves by US President Donald Trump to levy tariffs on additional Chinese goods worth $200 billion is likely to hamper market sentiments and add further strength to the green-back. In such a scenario the markets are betting for gold prices to fall. Meanwhile, the trade talks between US and Canada failed to meet the Friday deadline and US President Donald Trump wanted to go ahead with trade with Mexico and leave out Canada. However, both countries are likely to resume trade talks soon. In this week, the NFP data from the US will be crucial for further momentum in gold prices.

We expect gold prices to trade lower today on account of trade war concerns and stronger dollar. On the MCX, gold prices are expected to trade sideways today; international markets are trading higher by 0,2 percent to trade at $1 193 per ounce. — moneycontrol.com.