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Last Updated : May 05, 2020 03:39 PM IST | Source: Moneycontrol.com

Gold prices are expected to trade sideways today: Angel Broking

According to Angel Broking, On Monday, Spot Gold prices ended marginally higher by 0.14 percent after reports stated that U.S. President might further impose fresh tariffs on China in retaliation of the virus break out.

Representative image
Representative image

Angel Broking's report on Gold


On Monday, Spot Gold prices ended marginally higher by 0.14 percent after reports stated that U.S. President might further impose fresh tariffs on China in retaliation of the virus break out. However, major economies announced to revoke the lockdown as the virus related worries eased which boosted the risk appetite amongst investors and pressurized the appeal for the safe haven asset, gold. U.S.-China tension rekindled after U.S. Secretary of State said that there was evidence that the Coronavirus pandemic emerged from a Chinese lab which hampered the U.S. economy as well the global growth prospects. Tensions between the biggest economies in the world amid recession worries dented the risk appetite Moreover, U.S. Manufacturing data plunged to 41.5, its lowest in 11 years. Fall in the new order and expectation of slow recovery in the manufacturing activities weighed on the market sentiments and supported the bullion metal prices.


Outlook


Worries over the U.S. - China tension might weigh on the markets risk sentiment and Support Gold prices. However, major economies gradually revoking the virus related lockdown might boost the investors risk appetite and weigh on Gold prices. On the MCX, gold prices are expected to trade sideways today.


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First Published on May 5, 2020 10:54 am
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