Mar 16, 2017 04:25 PM IST | Source: Moneycontrol.com

Expect Gold prices to trade sideways: Sushil Finance

According to Sushil Finance, expect gold prices to trade sideways on the back of short covering after sharp drop in prices.

Expect Gold prices to trade sideways: Sushil Finance

Sushil Finance's commodity report on Gold

Gold rallied more than 1.5 percent to a one-week high on Wednesday, as the U.S. Federal Reserve called for gradual monetary tightening after raising interest rates by an expected 25 basis points for the second time in three months.
The central bank said in its policy statement that further hikes would only be "gradual," with officials sticking to their outlook for two more rate hikes this year and three more in 2018.
Gold is highly exposed to interest rates, as rising rates lift the opportunity cost of holding non-yielding bullion.
Investors were also focusing on Wednesday's elections in the Netherlands, which have been boosting gold's safe-haven appeal. Some said looming Brexit talks also added to the geopolitical risk.
Outlook
We expect gold prices to trade sideways on the back of short covering after sharp drop in prices.
For all commodities report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Sections
Follow us on
Available On