Gold prices are expected to trade sideways today: Angel Broking

Angel Broking's report on Gold

On Tuesday, Spot Gold ended higher by 1.32 percent to close at $1601.7 per ounce. Gold prices broke the elusive level of $1600 as worries over the economic damage by the coronavirus outbreak boosted the appeal for the safe haven asset, Gold. The death toll in china is now nearing 1900 with over 73,000 people infected by the coronavirus. The gains were capped as China’s central bank trimmed the interest rate on its medium term loans to counter the economic fallout from the virus break out. Rigorous stimulus measures by China boosted the risk appetite amongst investors in turn limiting the upside for Gold.

Outlook

Worries over the rapidly spreading virus and its economic impact might continue to shift investors towards the safe haven asset, Gold. However, fall in number of cases might dent the appeal for Gold. On the MCX, gold prices are expected to trade sideways today.

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