According to Angel Commodities, gold prices are expected to trade sideways today.

Angel Commodities' report on Gold

On Monday, Spot gold prices ended lower by 1.85 percent closing at 1835.9 per ounce as a rising bets on a potential vaccine against the pandemic after a yearlong battle dented appeal for the safe haven, Gold.

After U.S. firm’s, now British drug maker, AstraZeneca, stated that its vaccine is expected to be 90 percent effective against the coronavirus with no serious side effects.

That, coupled with solid economic activity in U.S. elevated market sentiments. Business activities expanding at its fastest pace in five years signals towards an overall recovery in the U.S. economy from the ongoing crisis.

However, the losses were limited as increasing coronavirus cases kept a lid on markets risk appetite. Worldwide reported coronavirus cases have surpassed 57 million with a death toll of more than 1.36 million.

Outlook

Vaccine hopes amid solid economic data by U.S. & across Europe is expected to dent the appeal for the safe haven, Gold. On the MCX, gold prices are expected to trade sideways in today’s session.

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