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Gold prices are expected to trade higher today: Angel Broking

According to Angel Broking, On Monday, spot gold prices rose marginally by 0.31 percent to close at $1515.1 per ounce as a weaker dollar fuelled investor interest in the metal, with U.S. military strikes in the Middle East also providing some limited support in holiday-thinned trading.

December 31, 2019 / 11:33 AM IST
Representative Image

Representative Image


Angel Broking's report on Gold


On Monday, spot gold prices rose marginally by 0.31 percent to close at $1515.1 per ounce as a weaker dollar fuelled investor interest in the metal, with U.S. military strikes in the Middle East also providing some limited support in holiday-thinned trading. The U.S. military on Sunday carried out air strikes in Iraq and Syria against an Iran-backed militia group, providing modest support to the precious metal used as a safe investment in times of geopolitical and economic uncertainty. Investor interest in gold has surged this year due to a raft of geopolitical uncertainties, including protests in Hong Kong and tensions on the Korean peninsular, as well as a long-drawn Sino-U.S. tariff war impacting global economic growth. On the MCX, gold prices declined marginally by 0.28 percent to close at Rs.38971 per 10 gms.


Outlook


We expect gold prices to continue its positive momentum on account of geo-political tensions in Iran and Iraq. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by 0.44 percent at 1521.52 per ounce.


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first published: Dec 31, 2019 11:33 am

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