Gold prices are expected to trade higher today: Angel Commodities

Angel Commodities' report on Gold

On Thursday, Spot Gold prices ended higher by 0.73 percent to close at $1288.5 per ounce whereas Gold on the MCX ended higher by 0.24 percent to close at Rs.31809.0 per 10gms. The safe haven appeal for the bullion metal boosted considering the ongoing trade tension between US & China increased.

Gold prices were further supported after expectation of rate cut by the U.S. Federal Reserve which weighed on the Dollar. After witnessing steady growth on the first quarter, the US economy slowdown over escalating trade tension with China.

Even the manufacturing, retail sales and exports dipped in April 2019. Markets expect that FED will consider the weak domestic demand and inflation in their next meet and might go ahead with the rate cut.

Outlook

Boost in the appeal for the U.S. Dollar over rising global uncertainties coupled with expectation of a rate cut by FED might continue to support Gold prices. On the MCX, gold prices are expected to trade higher today; international markets are trading lower by 0.27 percent at $1290.6 per ounce.

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