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Last Updated : May 23, 2018 12:08 PM IST | Source: Moneycontrol.com

Expect Gold prices to trade lower: Angel Commodities

According to Angel Commodities, on Tuesday, spot gold prices declined marginally by 0.1 percent to close at $1290.9 per ounce as the U.S. dollar fell from a five - month high, although risk appetite in the broader financial markets kept the metal's gains in check.


Angel Commodities' report on Gold


On Tuesday, spot gold prices declined marginally by 0.1 percent to close at $1290.9per ounce as the U.S. dollar fell from a five - month high, although risk appetite in the broader financial markets kept the metal's gains in check. The dollar lost momentum after a rally sparked by rising U.S. bond yields and the prospect of a resolution to U.S. - China trade tensions. Capping gains in gold, European shares inched to a near four - month high as an easing of pressure on Italian markets coincided with China's latest move to open its economy to the rest of the world. Gold investors are awaiting the release on Wednesday of the minutes of the U.S. Federal Reserve's latest policy meeting. On the MCX, gold prices closed flat at Rs.31368 per 10 gms.

Outlook
We expect gold prices to trade lower continuing its recent fall while rising global equities and possibility of US FED raising rates in the next meeting will cap any rally in the yellow metal. On the MCX, gold prices are expected to trade lower today, international markets are trading marginally higher by 0.1 percent at $1292 per ounce.

For all commodities report, click here


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First Published on May 23, 2018 12:08 pm
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