Gold price declines

Gold prices continue to remain under pressure after remarks by US President Trump who said that an interim trade deal with China is close thereby boosting demand for riskier assets. After series of updates from officials of both the sides hopes are that the Phase one deal could be inked very soon and could weigh on the precious metal pack. With the easing off in uncertainty, high optimism from Fed is also one of the head wind currently pressuring the metal prices. Today, gold on MCX is expected to quote in range of 37,500 and 37,935. US and China are close to agreeing on first phase of a trade deal, U.S. President Trump said, adding that they are in "final throes" of work. 16-month dispute has been weighing on global economic growth and demand for industrial metals, so signs of progress often support metals prices.

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