According to Angel Commodities, Gold prices will remain volatile in the sessions ahead and possibly see prices lower while MCX gold prices will get support from the weaker rupee, trend remains weak in the counter.
Angel Commodities' report on Gold
On Wednesday, spot gold prices rose by 0.21 percent to close at $1274.3 per ounce as the U.S. dollar came off its lows on strong data from the U.S. service sector index. Investors would be listening closely to comments by Fed Chair Janet Yellen later Wednesday at a Federal Reserve Bank of St. Louis event, for more hints about possible U.S. interest rate increases through 2018. Dollar money market futures were pricing in about a 70 percent chance of a rate hike by December, but a more dovish Fed candidate would likely prompt investors to bet on a slower retreat from the current loose monetary policy. On the MCX, gold prices declined by 0.22 percent to close at Rs.29290 per 10 gms.Outlook
Gold prices will remain volatile in the sessions ahead and possibly see prices lower while MCX gold prices will get support from the weaker rupee, trend remains weak in the counter.
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