According to Angel Commodities, on the MCX, gold prices are expected to trade lower today, international markets are trading marginally higher at $1230 per ounce.
Angel Commodities' report on Gold
Last week, spot gold prices rose by 1.3 percent to close at $1228.6 per ounce while on the MCX gold prices rose by 0.9 percent to close at Rs.28193 per 10 gms. The MSCI world index hit a record high for the fourth time in less than a month as investors took Yellen's remarks as a green light for risk - taking. The U.S. economy is healthy enough for the Fed to raise interest rates, though low inflation and a low neutral rate could leave the central bank with diminished leeway. In congressional testimony, Yellen said that given current estimates the Fed would not need to lift rates all that much further to reach a neutral level that neither encourages nor discourages economic activity. Immediately after her statement, federal funds futures implied traders saw a 53 percent chance the Fed would raise key overnight borrowing costs at its December meeting, down from 60 percent beforehand, according to CME Group's Fed Watch program.Outlook
Optimistic economic data from the US, possibility of further rate hike in 2017 and higher global equities are factors exerting downside pressure on the yellow metal. On the MCX, gold prices are expected to trade lower today, international markets are trading marginally higher at $1230 per ounce.
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