Gold prices to trade higher: Angel Commodities

Angel Commodities' report on Gold

On Tuesday, spot gold prices declined marginally by 0.06 percent to close at D1293.6 per ounce as the dollar strengthened after U.S. Federal Reserve chair nominee Jerome Powell told the Senate Banking Committee at his confirmation hearing that the Fed was likely to raise interest rates next month. Powell, who aims to succeed current chair Janet Yellen and her predecessor Ben Bernanke, said the Fed should "respond decisively" to any new economic crisis.

Outlook

We expect gold prices to trade higher today as South Korea tests another ballistic missile sending jitters across the nation, while  stronger dollar index is something to worry about.

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