Angel Commodities’ report on Gold
Spot gold prices traded lower by 0.4 percent on Monday as firm dollar weighed on the yellow metal. Also, SPDR Gold holdings fell 0.17 percent to 856.17 tonnes on Monday. Gold prices were supported earlier by weaker CPI numbers from the US, suggesting that rate hikes would not be as aggressive . Gold – backed exchange – traded funds in the US have registered inflows in April at their highest level since September 2017, with safe – haven purchases ushered in by a trade stand – off between the United States and China, Syria tensions and worries about possible U.S. sanctions on Russia. On the other side, U.S. President Donald Trump has said he had high hopes of “doing something very meaningful” to curtail North Korea’s nuclear ambitions at a summit in Singapore next month, after Pyongyang smoothed the way for talks by freeing three American prisoners.
We expect gold prices to trade lower today as positive comments by Cleveland Fed President Loretta Mester in support of gradual rate hikes will exert pressure . On the MCX, gold prices are expected to trade lower today, international markets are trading flat at $ 1313 per ounce.
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