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On Tuesday, spot gold prices declined by 0.2 percent to close at $1255.2 per ounce while MCX gold prices fell 0.29 percent to trade at Rs.30528 per 10 gms.
Gold prices declined as stronger dollar index citing intensified trade woes between the US and China weighed on the precious metal. Not only this, SPDR Gold holdings fell 0.22 percent to 799.02 tonnes on Tuesday from 800.77 tonnes on Monday.
In the prior session, gold touched its highest in two weeks as the dollar weakened and the Chinese yuan recovered from June's lows, and gold stayed higher even as the dollar bounced up, as some investors bought bullion to cover short positions.
Spot silver prices fell by 0.2 percent yesterday to close at $16 per ounce in line with fall in gold and base metals.
On the MCX, silver prices declined 0.3 percent to close at Rs.40639 per kg.
Gold prices are likely to trade lower today as US dollar gained further momentum after the Trump administration warned of additional 10 percent tariffs on an extra $200 billion worth of Chinese imports.
On the MCX, gold prices are expected to trade lower today, international markets are trading flat at $1250.4 per ounce.
WTI oil prices rose 0.4 percent on Tuesday while MCX oil prices gained 0.4 percent to close at Rs.5071 per barrel.
Oil prices gained on Tuesday on concerns that higher oil output from Saudi Arabia and other producers would not be sufficient to meet global oil demand citing growing supply disruptions from Venezuela and Libya.
Also, latest American Petroleum Institute report showed crude inventories fell last week by 6.8 million barrels.
Besides, the United States says it wants to reduce oil exports from Iran, the world's fifth-biggest producer, to zero by November, which would oblige other big producers to pump more.
Oil prices are expected to trade lower today as risk aversion is likely to dominate market sentiments since US-China trade war tensions worsen after the US warned of another round of tariffs on China. Also, EIA stocks report will be closely watched.
On the MCX, oil prices are expected to trade lower today, international markets are trading higher by 0.6 percent at $73.6 per barrel.
Base metals traded lower on Tuesday as risky assets lost further momentum citing growing tensions between the US and China.
MCX base metals traded lower in line with international trends.
Copper prices fell by 0.9 percent on LME and 0.8 percent on MCX on Tuesday as trade war concerns continue to bother global investors.
Concerns that the US tariffs on China would weigh on the economic growth of the mainland nation, sparked worries of weak base metals demand from the top consumer.
These concerns have already pushed the red metal lower towards one year lows on the LME and 3 month lows on the MCX.
LME Copper prices are trading lower by 3 percent at $6145.5/t. Copper prices are likely to trade lower today as additional tariff warning by the US on China has hit risky assets hard. Further, stronger DX will exert additional pressure.
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