Gold prices are expected to trade higher today: Angel Commodities

Angel Commodities' report on Gold

On Tuesday, spot gold prices rose 0. 64 percent to close at $1311.9 per tonne. Gold prices continue to trade over the $1300 mark as markets expect that the US Federal Reserve will keep interest rates unchanged during its two - day policy meeting which commences today. US charged China’s tech giant, Huawei with criminal charges which raised fresh concerns over the trade war outcome. Uncertainty over the outcome of the US - China trade tension coupled with the Brexit issue which weighed on the market sentiments and in turn increased demand for the safe haven asset. On the MCX, Gold prices rose by 1.08 percent to close at Rs.32 900 .0 per 10gms.

Outlook

Market expectation of a rate hike pause by FED and increasing worries over US - China trade tension might increase demand for the safe haven asset. On the MCX, gold prices are expected to trade higher today; international markets are trading marginally higher by 0.24 percent at $ 1312.0 per ounce.

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