Tuesday, 8 May 2018

Gold On MCX Settled Up 0.46% At 31258 On The Geopolitical Front

Gold on MCX settled up 0.46% at 31258 on the geopolitical front, the Iranian nuclear deal and the US-China trade tensions are supporting gold demand as a safe-haven. 

Trump said he would announce a decision on Tuesday about the future of an international nuclear agreement with Iran, as Tehran hinted it might stay in the 2015 accord even if Washington pulls out.

The European Central Bank's chief economist Peter Praet said an unexpected drop in euro zone core inflation may be a one-off. Higher gold prices and tightened credit availability are expected to weaken growth in jewellery demand by 2-4 per cent during 2018, a credit rating agency said on Monday.

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