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

Angel Commodities' report on Gold

On Tuesday, Spot gold prices ended lower by 1.5 percent closing at 1807.5 per ounce as a rising bets on a potential vaccine against the pandemic after a yearlong battle continued to weigh on the safe haven appeal.

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. Moreover, Joe Biden getting a head ups on transition into the

White House after weeks of the Presidential elections further uplifted the market sentiments. The yellow metal was further pressurized as business activities in the U.S. expanded at its fastest pace in five years signaling towards an overall recovery in the world’s largest economy from the ongoing crisis.

Outlook

Vaccine hopes amid Joe Biden’s Transition might continue to weigh on the safe haven asset, Gold. On the MCX, gold prices are expected to trade sideways in today’s session.

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