Gold prices are expected to lower today: Angel Commodities

According to Angel Commodities, on Thursday, spot gold prices rose by 0.45 percent to close at $1523.0 per ounce after declining in the previous trading session as the yields on U.S. 30 year bond is all set to decline by 27 basis points in this week.

August 16, 2019 / 11:39 IST

Angel Commodities' report on Gold

On Thursday, spot gold prices rose by 0.45 percent to close at $1523.0 per ounce after declining in the previous trading session as the yields on U.S. 30 year bond is all set to decline by 27 basis points in this week. Falling yields weighed on the Dollar and pushed the Gold prices higher. However, rising optimism over a possible trade deal between U.S. & China dented the appeal for the safe haven asset. Both the countries might resume with their trade negotiations but investors might have a cautious approach as an actual deal might take time. Markets will have a keen watch on the Federal Reserve's annual symposium next week to have a look on their stance ahead.

Outlook

We expect gold and silver prices to trade higher as falling U.S. bond yield might push the Dollar lower and in turn support Gold. However, President Trump’s actions have benefited the sentiment of investors while safe haven assets will be dumped in the near term. ON the MCX, gold prices are expected to trade lower today, international markets are trading flat at 1531.15 per ounce.

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