Moneycontrol
Nov 09, 2017 10:47 AM IST | Source: Moneycontrol.com

Gold prices to trade flat: Angel Commodities

According to Angel Commodities,We expect gold prices to trade flat following the delay in the implementation of tax play by the US government while the movement in the dollar index will now be a factor of interest rate hikes in the US in the coming weeks.

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Angel Commodities' report on gold


On Wednesday, spot gold prices rose 0.43 percent to close at $1280.9 per ounce hovering near a three - week high as the dollar retreated on expectations of possible delays in long - awaited U.S. tax reforms, while palladium hit its highest since 2001. U.S. House of Representatives Speaker Paul Ryan left the door open to a possible delay in implementing lower tax rates for corporations, following a media report that his fellow Senate Republicans were exploring the option. On the MCX, gold prices rose by 0.44

percent to close at Rs.29706 per 10 gms.

Outlook
We expect gold prices to trade flat following the delay in the implementation of tax play by the US government while the movement in the dollar index will now be a factor of interest rate hikes in the US in the coming weeks. On the MCX, gold price s are expected to trade flat today, international markets are trading flat at $1280 per ounce.

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