Spot gold prices declined 1.07% to close at $1241.8 per ounce as U.S. threat of tariffs on an additional $200 billion of Chinese goods pushed safe-haven flows to the U.S. dollar and dashed hopes that Washington would eventually step back from the escalating row. U.S. President Donald Trump detailed overnight a list of Chinese products that could face 10% tariffs. The clock now starts ticking on a two-month period of public comment before the levies are imposed. The news of more possible U.S. tariffs on China is the latest in a tit-for-tat spat between the world's two largest economies.
Gold trading at 1245, yesterday fell below 1250 made a low at 1241, downside support lies at 1235 as shown in the chart and upside facing resistance at 1251 or 200DMA, on daily basis one can buy from current level for upside 1257 levels, a break and hold can shot till 1285 in coming trading days. Overall buying is advised for this counter.
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