Gold prices are expected to trade higher today: Angel Commodities

Angel Commodities' report on Gold

On Wednesday, spot gold prices increased by 0.28 percent to close at $1491.9 per ounce. Investors took shelter under the safe haven asset over rising uncertainties on Brexit as the European Unions delayed a decision on granting an extension to Britain. However, the gains were capped after Chinese Vice Foreign Minister Le Yucheng stated earlier this week that the trade and tariff negotiations between Beijing and Washington were making progress. Markets will keenly wait for the next meeting between the super power nations which is scheduled in the November’19 in Chile. Gold prices were further supported over expectation of monetary policy easing by the U.S. Central Bank. Federal fund futures show that traders see a 91% chance for a 25 basis-point rate cut by the U.S. Federal Reserve in its month-end monetary policy meeting.

Outlook

We expect gold prices to trade higher today as uncertainties over Brexit and its impact on the global markets might dent the risk appetite amongst investors. On the MCX, gold prices are expected to trade higher today, international markets are trading flat at $1495.75 per ounce.