Gold Silver Reports (GSR) – “Gold needs to see closes above $1275-$1280 before it finds any support…Gold needs more than a trade war to push it higher,” he added. “It needs volatility in equities, weaker economic data, a dovish Fed.
Gold Price rose $10 to a 2-week high of $1265 on Monday morning while the Dollar slipped as new US-Chinese trade tariffs began and the UK’s chief Brexit negotiator resigned over the Government’s plan for a trade deal with the EU.
The US and China started the first round of ‘tit for tat’ tariffs on $34 billion of each other’s annual exports on Friday.
Read More : Gold Prices Slump ₹ 270 on Slow Demand
The Dollar index, which measures the greenback’s performance against a basket of other major currencies, today fell 0.2% to its lowest since mid-June after Friday’s US jobs data showed the unemployment rate increasing while average wages grew less than expected.
European stocks followed Asia higher as the Chinese Yuan also rallied on the currency markets.
“The tariffs were already priced in,” reckons Josh Graves, senior commodities strategist at RJO Futures. – Neal Bhai Reports
Precious metals gold and silver were trading in the red in the morning deals on Wednesday.
MCX Gold futures were trading 0.13 per cent, or Rs 39 lower at Rs 30,489 per 10 grams at 10:54 am (IST), while MCX Silver futures were down 0.39 per cent, or Rs 156, at Rs 39,637 per 1 kg at the same time.
SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings stood at 799.02 down 1.75 tonnes, from the previous business day.
POST UPDATED 11 JULY, 2018 03:06 PM