According to Angel Commodities,We expect gold prices to trade sideways today as the possibility of the rate hike in the US as soon as December and simmering tensions in North Korea are possible surrounding factors for the yellow metal.
Angel Commodities' commodity report on gold
On Tuesday, spot gold prices rose by 0.28 percent to close at $1287.5 per ounce on account of weak dollar index and geopolitical tensions in Spain and North Korea, though gains were capped by expectations of another U.S. interest rate increase. Investors were particularly wary on Tuesday as Pyongyang celebrated the founding of its ruling party, a day after Russia and China both called for restraint on North Korea following a Twitter post from U.S. President Donald Trump hinting that military action was on his mind. ON the MCX, gold prices rose by 0.37 percent to close at Rs.29919 per 10 gms.
OutlookWe expect gold prices to trade sideways today as the possibility of the rate hike in the US as soon as December and simmering tensions in North Korea are possible surrounding factors for the yellow metal. On the MCX, gold prices are expected to trade sideways today; international markets are trading flat at $12 88 per ounce.
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