According to Angel Commodities, expect gold prices to trade sideways today as the widely expected rate hike by the US FED is done with.
Angel Commodities' report on Gold
On Wednesday, spot gold prices declined marginally by 0.37 percent to close at $1260.7 per ounce after the Federal Reserve increased interest rates but was less dovish than expected following a two-day meeting, and the dollar sharply pared its losses against a basket of major currencies.
We expect gold prices to trade sideways today as the widely expected rate hike by the US FED is done with. Fresh set of factors coming from UK will have its own effect on precious metals in the near term. On the MCX, gold prices are expected to trade sideways today; international markets are trading marginally higher by 0.31 percent to close at $1264.66 per ounce.
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