Commodities » Precious Metals

Spot Gold prices declined marginally on $1235/oz on Friday

Contributed by Angel Broking

By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)

MARKET RECAP

Spot Gold prices declined marginally on Friday as better than expected economic data from the US eased concerns over a double-dip recession in the US, the world’s largest economy. The yellow metal prices touched an intra-day low of $1235/oz on Friday, before closing at $1246/oz. However, on a weekly basis, spot gold prices managed to gain around 1% in the last week. On the MCX platform, gains in gold prices were restricted to less than 0.5% in the last week on the back of appreciation in the Indian currency. Spot Rupee gained around 0.2% against the dollar in the last week to close at 46.63 on Friday.

OUTLOOK

Gold prices are expected to come under pressure in today’s session as the latest economic updates from the US have provided some relief to the global investors. Investors will flock towards high-yielding and riskier investments, thus decreasing demand for the traditional safe-haven investment.

The US markets remain closed today on account of Labor Day holiday. Other financial markets across the world are expected to trade on a positive note today until further cues from the US, the world’s largest economy.