MCX Gold settled down 2.33% at 38894 dropped sharply posting their largest one-day dollar loss in almost three years to settle at a two-week low.
MCX Gold Below 38844 Sell More Lots, Sell On Rise Gold Target 35700 Very Very Soon
Read More Tips – Gold / Silver Sell 100 – 200 – 500 Lots and So Jaao………. Big Down Fall Expected – Neal Bahi
News that the U.S. and China agreed to work toward a fresh round of trade talks next month provided a boost to the U.S. and global stock markets, and a stronger-than-expected private-sector employment data also helped to ease worries about a slowdown in the economy, damaging the metal’s haven appeal.
Investors also were cheered by encouraging global developments, including British lawmakers seeking a less chaotic exit from the European Union and easing political tensions in Hong Kong.Gold has jumped about 25% this year as the bruising trade war between the world’s two largest economies has sparked fears of a global economic slowdown and encouraged monetary easing by major central banks around the world.
In Hong Kong, Carrie Lam has formally withdrawn an extradition bill that triggered months of unrest in the country.
The Fed’s Beige Book noted continued concerns regarding tariffs and trade policy uncertainty but said the majority of businesses remain optimistic about the near-term outlook. A report from the Commerce Department showed the U.S. trade deficit narrowed to $54.0 billion in July from a revised $55.5 billion in June.
The narrower trade deficit came as the value of exports climbed by 0.6% to $207.4 billion, while the value of imports edged down by 0.1% to $261.4 billion.
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