Gold on MCX settled down -1.22% at 37775 after the United States said it would delay tariffs on some Chinese products and on news that both sides agreed to continue trade talks. The Office of the U.S. Trade Representative said the Trump administration will delay 10% tariffs on certain Chinese products, including laptops and cell phones, that had been scheduled to start next month. Central banks can only do so much because a lot of them are at near record low interest rates. There is not a lot of ammunition to deploy as counter measures to the slowdown in global growth. On the other side of the globe, fears of a possible return to interventionist policies gripped the Argentine market after market-friendly President Mauricio Macri lost by a much bigger-than-expected margin in presidential primaries. Investors are focused on the Federal Reserve's annual symposium next week. Traders see a 74% chance of a 25 basis-point rate cut by the Fed this September. Reflecting increased investor interest in gold, holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, jumped 0.9% to 847.77 tonnes on Monday from Friday. Physical gold demand was mixed in Asian hubs as consumers cashed in on brief price rallies while global uncertainties prompted some safe-haven demand.
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