Angel Commodities’ commodity report on Gold
Spot gold prices declined 1.7 percent last week to close at $1297 per ounce while MCX, gold prices declined 1 percent to close at Rs.29700 per 10 gms. Gold had been creeping higher in the minutes before the Fed released a statement about its latest two – day policy meeting, then reversed course and fell. It briefly sank below the $1,300 mark that many in the markets viewed as psychological support. As expected, the Fed also said it would start to reduce the portfolio of Treasuries and mortgages it acquired through its quantitative easing (QE) program after the financial crisis. New projections after the Fed meeting showed 11 of 16 officials favored higher benchmark U.S. interest rates by year – end. U.S. President Donald Trump addressed the United Nations General Assembly, vowing to “totally de stroy” North Korea unless Pyongyang backs down from its nuclear challenge.
Gold prices are trading below the psychological barrier of $1300 mark and the war of words between the US and North Korea is not really supporting any safe haven demand for gold. Gold prices are expected to trade lower today, international markets are trading lower by 0.3 percent at $1293 per ounce.
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