According to Angel Commodities, expect gold prices to trade lower today as uncertainty over tax cut in the US and rate hike are contrasting factors surrounding the yellow metal.
Angel Commodities' report on gold
On Tuesday, spot gold prices rose 0.24 percent to close at $1280.6 per ounce as a weakening U.S. dollar and sluggish stock market helped pull the precious metal off a one - week low hit in early trade, while traders also said uncertainty over the fate of a U.S. tax cut prompted some safe - haven buying of gold. Worries about Republican tax plans and the economy's ability to deal with more interest rate hikes dented appetite for assets perceived as risky and boosted gold's appeal as a safe - haven. Four of the world's top central bankers promised to keep openly guiding investors about future policy moves as they slowly withdraw the huge monetary stimulus rolled out during the financial crisis. On the MCX, gold prices rose by 0.07 percent to close at Rs.29763 per 10 gms.Outlook
We expect gold prices to trade lower today as uncertainty over tax cut in the US and rate hike are contrasting factors surrounding the yellow metal. On the MCX, gold prices are expected to trade flat today, international markets are trading higher by 0.06 percent at $1281 per ounce.
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