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Gold prices firm amid trade uncertainties, MCX dips slightly
12-Mar-2025, 02:59
Gold remained steady above $2920 per ounce, supported by its safe-haven appeal and a weaker US dollar. President Donald Trump walked back his trade-war threat against Ontario after initially vowing to double tariffs on Canadian steel and aluminum to 50 percent, while Ontario Premier Doug Ford temporarily suspended a planned 25 percent surcharge on US electricity exports. Despite easing geopolitical risks following Ukraine's acceptance of a US-proposed 30-day ceasefire with Russia, global trade uncertainties and recession fears continued to drive investors toward gold. Meanwhile, the market is focused on the upcoming US CPI data to assess the Federal Reserve's interest rate outlook for the year. MCX gold futures traded lower by Rs 10 at Rs 86142 per 10 grams.
Gold remained steady above $2920 per ounce, supported by its safe-haven appeal and a weaker US dollar. President Donald Trump walked back his trade-war threat against Ontario after initially vowing to double tariffs on Canadian steel and aluminum to 50 percent, while Ontario Premier Doug Ford temporarily suspended a planned 25 percent surcharge on US electricity exports. Despite easing geopolitical risks following Ukraine's acceptance of a US-proposed 30-day ceasefire with Russia, global trade uncertainties and recession fears continued to drive investors toward gold. Meanwhile, the market is focused on the upcoming US CPI data to assess the Federal Reserve's interest rate outlook for the year. MCX gold futures traded lower by Rs 10 at Rs 86142 per 10 grams.
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