According to Sushil Finance, expect gold prices to trade negative on the back of US interest rate outlook.
Sushil Finance's commodity report on Gold
Gold retreated from earlier gains on Thursday as the U.S. dollar turned higher and global stocks gained on upbeat data, even as investors wagered that policy tightening in the United States would be glacial at best. Denting gold's safe - haven appeal, the M SCI 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. China posted stronger - than - expected June trade figures, bolstering the U.S. dollar, which advanced against a currency basket. The greenback earlier hit its lowest since last October after U.S. Federal Reserve Chair Janet Yellen struck a less hawkish than expected tone in testimony before Congress on Wednesday. A stronger U.S. currency weighs on gold, making the dollar - p riced commodity more expensive for non - U.S. investors. 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, Yellen said on Wednesday.Outlook
We expect gold prices to trade negative on the back of US interest rate outlook.
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