Moneycontrol
Dec 06, 2017 03:36 PM IST | Source: Moneycontrol.com

Gold prices to trade lower: Angel Commodities

According to Angel Commodities, expect gold prices to trade lower today as investors look forward to the U.S. non - farm payrolls report this week, the last employment figures before the U.S. Federal Reserve's monetary policy meeting next week.


Angel Commodities' report on Gold

On Tuesday, spot gold prices declined 0.8 percent to close at D 1266.2 per ounce as the dollar rose against a basket of currencies and U.S. stocks rebounded as investors assessed details of the U.S. tax overhaul legislation. The U.S. dollar gained for a second consecutive session and U.S. technology stocks bounced, both benefiting from optimism surrounding the U.S. tax plan. The House of Representatives on Monday voted to go to conference with the Senate on their differing versions of the tax legislation, setting up formal negotiations on the bill.

Outlook

We expect gold prices to trade lower today as investors look forward to the U.S. non - farm payrolls report this week, the last employment figures before the U.S. Federal Reserve's monetary policy meeting next week.

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