Gold prices to trade sideways: Angel Commodities
According to Angel Commodities, expect gold prices to trade sideways today as profit booking after a recent rally, stronger dollar index and less damage by Hurricane IRMA are all factors pushing down gold prices.
Angel Commodities' report on Gold
On Tuesday , spot gold prices rose 0.35 percent to close at $13 31.5 per on weak dollar while U.S. President Donald Trump said U.N. sanctions on North Korea are "nothing compared to what ultimately will have to happen." The Federal Reserve has raised U.S. interest rates twice this year in response to upbeat growth data and falling unemployment, but persistently soft inflation figures have tempered expectations for another hike in December. On the MCX, gold prices declined marginally by 0.03 percent to close at Rs.300 8 9 per 10 gms.
OutlookWe expect gold prices to trade sideways today as profit booking after a recent rally, stronger dollar index and less damage by Hurricane IRMA are all factors pushing down gold prices. On the MCX, gold prices are expected to trade lower today, international markets are trading flat at $13 31 per ounce.
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