Technically MCX Gold is getting support at 30357 and below same could see a test of 30263 levels and resistance is now likely to be seen at 30612, a move above could see prices testing 30773.
Gold on MCX settled down 0.66% at 30450 as investors purchased riskier assets instead of seeking a safe haven in gold, amid hopes for a new round of U.S.-China trade talks. Senior U.S. officials sent an invitation to their Chinese counterparts to hold another bilateral trade meeting, raising speculation about a subtle shift in Washington’s policy.
The outreach comes as more than 85 U.S. industry groups launched a coalition to take a fight public against President Donald Trump’s trade tariffs. The months-long trade rift between U.S. and China has prompted investors to buy the U.S. dollar in the belief that the United States has less to lose from the dispute.
The Labor Department said its consumer price index advanced 0.2%, missing expectations for a gain of 0.3%. In the 12 months through July, the CPI increased 2.7%, below forecasts for a reading of 2.8% and slowing from 2.9% in July.
Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure precisely because they exclude the volatile food and energy categories. The central bank usually tries to aim for 2% core inflation or less. The Fed is expected to raise interest rates at its Sept. 25-26 policy meeting.
It has raised rates twice this year. Meanwhile, investors remained focused on the U.S.- China trade dispute following news that the Trump administration has invited Chinese officials to restart trade talks, which raised hopes for a deal easing the bitter tariff dispute between the world's two biggest economies.
--Gold trading range for the day is 30263-30773.
--Gold edged lower as investors purchased riskier assets instead of seeking a safe haven in gold, amid hopes for a new round of U.S.-China trade talks.
--The trade conflict has prompted investors to buy the U.S. dollar in the belief that the United States has less to lose from the dispute.
--US President Trump to order sanctions on any foreign companies or people found meddling in US elections.
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.