According to Angel Commodities, last week, spot gold prices declined by 0.7 percent to trade at $1238.86 per tonne. Spot gold prices declined as dollar strengthened amid Brexit worries weighed on the yellow metal.
Angel Commodities' report on Gold
Last week, spot gold prices declined by 0.7 percent to trade at $1238.86 per tonne. Spot gold prices declined as dollar strengthened amid Brexit worries weighed on the yellow metal. Euro dipped lower after a dovish stance expressed by ECB President as they lowered the growth and inflation projection for 2019. However, slowdown in the U.S. job growth in November and monthly wages increased at less than expected rate pointed towards slowdown in interest rate hikes by FED, increasing the appeal of non - interest yielding bullion. Investors would now focus on the FOMC gathering on Dec 18 - 19 for the further interest rate hikes by FED On MCX, gold prices decreased marginally by 0.05 percent to close at Rs. 31580.
Outlook
We expect gold prices to trade lower today, as dollar might strengthen over expectation of interest rate hike by FED in its meeting next week. On the MCX, gold prices are expected to trade lower today; international markets are trading lower by 0. 0 3 percent at $12 38 per ounce.
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