Expect Gold to trade sideways: Sushil Finance
According to Sushil Finance, expect gold prices to trade sideways on the back of profit booking after sharp up move.
Sushil Finance's commodity report on Gold
Gold prices jumped 1.4 percent to the highest level in nearly two weeks on Friday after data pointed to weak U.S. inflation, reaffirming doubts that the U.S. central bank would again hike interest rates this year. U.S. consumer prices were unchanged in June and retail sales fell for a second straight month. Bond yields dipped and the dollar index .DXY slid to their lowest level since September 2016 after the weaker - than - expected figures. The U.S. data bolstered expectations that the U.S. Federal Reserve would likely to move slowly to continue raising interest rates in the absence of inflation signs. Some had been expecting another rate hike in 2017. Fed Chair Janet Yellen's comments to the U.S. Congress last week "were more dovish than originally anticipate d," said David Meger, director of metals trading for High Ridge Futures in Chicago. The weaker greenback boosted gold, making the dollar - priced commodity cheaper for investors holding other currencies.Outlook
We expect gold prices to trade sideways on the back of profit booking after sharp up move.
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