Gold prices are expected to trade higher today: Angel Commodities

Angel Commodities' report on Gold

On Thursday, spot gold prices ended higher by 0.57 percent to close at $1489.4 per ounce. After dipping over 1 percent in the earlier trading session prices recovered yesterday after rising uncertainties over Britain’s exit from the European Unions weighed on the market sentiments and boosted the appeal for the safe haven asset, Gold.

Prices were further supported after markets expected that the prodemocracy protest in Hong Kong might affect the trade situations between U.S. & china. U.S. House of Representatives took on China by passing four pieces of legislation out of which three were related to the on-going protest in Hong Kong.

The U.S. Federal Reserve is scheduled to meet in the end of October’19 to decide on their approach ahead. No concrete outcome of the trade war might continue to hamper their economies which might force the FED to trim down the interest rates.