According to Angel Commodities, on Wednesday, spot gold prices rose 0.24 percent to close at $1301 per ounce as the dollar wilted after U.S. data showed the U.S. economy slowed slightly more than initially expected in the first quarter while political uncertainty lingered in Italy.
On Wednesday, spot gold prices rose 0.24 percent to close at $1301 per ounce as the dollar wilted after U.S. data showed the U.S. economy slowed slightly more than initially expected in the first quarter while political uncertainty lingered in Italy. U.S. gross domestic product increased at a 2.2 percent annual rate, the Commerce Department said in its second estimate of first – quarter GDP, instead of the previously reported 2.3 percent pace. Meanwhile, Italy searched for a last – minute exit from almost three months of political turmoil, with its biggest party looking to make a renewed attempt to form a c oalition government with the right – wing League. China on Wednesday lashed out at Washington’s unexpected statement that it is sticking to the threat of imposing tariffs on $50 billion of Chinese goods, saying Beijing was ready to fight back in any trade wa r. On the MCX, gold prices declined half a percent to close at Rs.31035 per 10 gms.
Outlook
Uncertainty between US and China with regards to trade war, weak dollar index and political turmoil in Italy are near term push factors for gold prices to move higher. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by 0.1 percent at $1302.5 per ounce.
