Angel Commodities' report on Gold
On Wednesday, Spot gold prices ended marginally lower by 0.12 percent closing at 1805 per ounce as optimism over a potential vaccine against the pandemic continued to weigh on Gold prices; however, a sudden spike in the U.S. unemployment claims limited the fall.
The number of Americans applying for the jobless claims increased as the ongoing crisis continued to hamper the labour market in the world’s largest economy. The yellow metal also found some support as depreciating U.S. currency made the dollar denominated Gold cheaper for other currency holders.
Global central banks are also expected to keep their interest rates low in an attempt to get the economy back on track which is also supportive for Gold. However, the demand for Gold was undermined as Joe Biden got a head ups on transition into the White House after weeks of the Presidential elections which uplifted the market sentiments.
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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