Gold prices are expected to trade sideways today: Angel Commodities
According to Angel Commodities, on the MCX, gold prices are expected to trade sideways today; international markets are trading lower by 0.1 percent at $1252.2 per ounce.
Angel Commodities' report on Gold
Last week, spot gold prices fell by 1 percent to close at $1253.1 per ounce as the Federal Reserve increased interest rates but was less dovish than expected following a two-day meeting. It was the second time in three months that the Fed raised interest rates by a quarter percentage point, which was widely expected, and the U.S. central bank cited continued economic growth and job market strength.
Gold prices are likely to trade sideways today as U.S. homebuilding fell for a third month in May and consumer sentiment unexpectedly fell in early June, thereby raising concerns over rate tightening course. On the MCX, gold prices are expected to trade sideways today; international markets are trading lower by 0.1 percent at $1252.2 per ounce.
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