Gold on MCX settled down 0.62% at 34170 following a steep fall in the previous session, as investors waited on any Sino-U.S. trade developments later this week, while bulls rolled back expectations of big U.S. interest rate cuts. U.S. Federal Reserve officials dented expectations of aggressive interest rate cuts.
MCX Gold Futures Prices support key @34170 and below same could see a test of 33925 levels, and resistance is now likely to be seen @34500, a move above could see prices testing 34610.
Washington and Beijing were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports.U.S. President Donald Trump said a trade deal with Chinese President Xi Jinping was possible this weekend but warned he was prepared to impose U.S. tariffs on virtually all remaining Chinese imports if talks fail.
Gold Silver Reports (GSR) – MCX Gold Futures Prices Up on Fresh Buying
Trump raised the possibility that he may impose a lower, 10% duty on a $300 billion list of Chinese imports, instead of the proposed 25% rate.He also weighed into U.S. monetary policy, accusing Fed Chairman Jerome Powell of doing a “bad job” and “out to prove how tough he is” by not cutting interest rates.
