Moneycontrol
Nov 08, 2017 11:47 AM IST | Source: Moneycontrol.com

Gold prices to trade lower: Angel Commodities

According to Angel Commodities,We expect gold prices to trade lower on anticipation of rate hike by the US FED in its December meeting; besides, stronger dollar index will further exert downside pressure on the yellow metal.

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Angel Commodities' report on Gold


On Tuesday, spot gold prices declined by half a percent to close at $1275.5 per ounce retreating a bit from the previous day's rally as a stronger U.S. dollar reduced the appeal of safe - haven investments, and oil prices also dipped. The dollar rose 0.3 percent versus the euro as investors bet that monetary policy would continue to diverge between the United States and the euro zone. On the MCX, gold prices rose 0.41 percent to close at Rs.29575 per 10 gms.

Outlook
We expect gold prices to trade lower on anticipation of rate hike by the US FED in its December meeting; besides, stronger dollar index will further exert downside pressure on the yellow metal. On the MCX, gold prices are expected to trade lower today, international markets are trading marginally higher by 0.14 percent at $1277 per ounce.

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