Gold prices are expected to trade higher today: Angel Broking

Angel Broking's report on Gold

On Wednesday, markets were closed on account of Christmas. Lack of details about the interim trade deal between U.S. & China amid weak economic data published by U.S. continued to boost the demand for the safe haven asset, Gold. Declining number of new orders for U.S. made capital goods signalled weakness in the business sector in the world’s biggest economy which raised worries in the markets. Moreover, no cues on the interim trade deal between U.S. & China after it was announced earlier this month started to weigh on the market sentiments.

Outlook

Officials stated that U.S. & China are close to signing a contract; however, no concrete development might keep the investors cautious. On the MCX, gold prices are expected to trade higher today; international markets are higher by 0.20 percent at $1507.85 per ounce.

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