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Spot Gold fell to $ 2,776.05 an ounce below Friday (January 30 )’s record summit, $ 2,817.23 an ounce.
The US Gold Futures also came down to $ 2,810.80 per ounce.
The US dollar index hovering near a three-week peak, making the greenback-pris gold more expensive for foreign buyers.
In India, gold prices in major cities slipped from ₹ 10 to ₹ 84,480 per 10 grams.
The yellow metal hit a high level of 10 grams per 10 grams on Saturday (1 February).
President Donald Trump imposed 25% tariff on imports from Canada and Mexico and 10% effective Tuesday from China on Tuesday. In response, Canada and Mexico ordered vengeful measures, while China planned to challenge tariffs in the World Trade Organization.
Analysts suggest that the demand for secure-hevan assets like gold can limit immediate negative risks.
However, strong US dollars can prevent potential profit.
Tim Waterr, the chief market analyst of KCM trade, said, “Market tariff plays are clashes and can see the demand for safe heaven assets like gold to limit the negative side immediate May be factor. “
He said that $ 2,750 an ounce range would be needed to protect against a large pullback.
Bullion is considered a safe investment during the period of economic and geopolitical upheaval. City analysts believe that further tariff growth should be faster to sleep and will possibly push prices up to $ 3,000 an ounce.
Meanwhile, JP Morgan said that the fingering of the recession from equity could weigh gold in immediate near-period, but disintegrating tariffs fuel a medium-term bull case for bullion.
VP commodities Rahul Kalamani at Mehta Equities said that Sona is holding major support levels of $ 2,722 an ounce on the basis of weekly closing in international markets.
Further, gold supports $ 2,774- $ 2,760 an ounce, while resistance is $ 2,817- $ 2,832 per ounce. In the terms of the rupee, gold support is ₹ 81,980- The 81,710 per 10 grams, while the resistance is ₹ 82,070- ₹ 82,350 per 10 grams.
,With Reuters input
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