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Gold Price to Trade Higher Today as Last Session Prices Ended Higher

May 8, 2019 | Wednesday

Commodities

   

During the previous close, the spot gold prices inclined at about .33 percent. Meanwhile, the Multi Commodity Exchange (MCX) Gold prices also ended with .53 percent incline. The gold prices were solid as the United States-China trade tension affects the risk appetite of the surrounding investors.

Most of the investors are driven to grab unto the safe havens. Recently, president Trump said on his tweet reveals his plan to put additional tariffs on Chinese goods up to 25 percent. Moreover, Trump also targets on the$345 billion worth of goods which have not been imposed with tariffs yet. That of which result in a strengthened Dollar Index.

Meanwhile, the Chinese Vice Premier Liu He will travel to Washington to attend the final two days trade talk this week. That with an aim to avoid increased tariff rates or any plans for additional tariffs on Chinese goods. Further implementation of these tariffs may critically impact China's economy and worst, the global economic growth.

Gold Prices Outlook

The gold prices are expected to trade higher pushed by President Trump's threat to increase tariff rates on Chinese goods by 10 percent to 20 percent. That will greatly affect the risk mood of the investors and increase demands on safe-haven assets including gold. On MCX, gold prices are to trade higher on Wednesday.

Other Commodity Updates: Oil Prices Fell During the Previous Session

The oil prices on Tuesday went down while the US-China trade talks led concerns on its impact on global growth. However, the U.S. sanctions on Venezuela and Iran tightens oil supply supporting the stem losses.

The Brent crude also down by 1.1 percent or 81 cents then amounting to $70 .43 per barrel during 11:05 GMT on Tuesday.

The U.S. West Texas Intermediate also drops by 0.9 percent or 57 cents then amounting to $61.68.

   

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