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Last Updated : Mar 09, 2020 12:32 PM IST | Source: Moneycontrol.com

Gold prices are expected to trade higher today: Angel Broking

According to Angel Broking, Last week, spot gold price surged over 6 percent as worries over the economic impact of the deadly Coronavirus breakout from China which has now branched out in over 60 nations dented the risk appetite amongst investors and pushed them to take shelter under the safe haven asset, Gold.


Angel Broking's report on Gold


Last week, spot gold price surged over 6 percent as worries over the economic impact of the deadly Coronavirus breakout from China which has now branched out in over 60 nations dented the risk appetite amongst investors and pushed them to take shelter under the safe haven asset, Gold. The bullion metal was further pushed higher after the U.S. Federal Reserve trimmed its bench mark interest rates by 50 basis points to safeguard their economy from the global epidemic. Lower interest rates weigh on the Dollar making the bullion metals cheaper for other currency holders which might boost the demand and support the prices. Even robust economic data from U.S. couldn’t provide much support to the Dollar as global worries over powered.


Outlook


Rising concerns over the rapidly spreading Coronavirus coupled with plunge in Oil prices might continue to support the bullion metal prices. On the MCX, gold prices are expected to trade higher today.


For all commodities report, click here


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First Published on Mar 9, 2020 12:32 pm
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