EPIC RESEARCH MCX Gold UPDATE OF 2 August 2018

Posted by Commodity Updates by Epic Research on 11:45:00 with No comments

Gold trading range for the day is 29499-29983.

Gold prices were down as traders wait for a policy decision from the Federal Reserve.

Fed kept interest rates unchanged as expected but characterized the economy as strong, keeping the central bank on track to increase borrowing costs in September.

Trade tensions resurfaced on Wednesday, after news reports said the White House plans to propose tariffs of 25% instead of 10% on $200 billions of imported Chinese goods.

SPDR Gold Trust said its holdings fell 0.40 percent to 796.96 tonnes on Wednesday from 800.20 tonnes on Tuesday.

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