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Last Updated : Dec 03, 2019 11:08 AM 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 lower by 0.11 percent to close at $1462.3 per ounce.


Angel Broking's report on Gold


On Monday, spot gold prices ended marginally lower by 0.11 percent to close at $1462.3 per ounce. Robust factory data from China amid increasing demand for the U.S. Dollar weighed on the yellow metal prices. The downfall in Gold prices was limited as U. S. factory activity contracted for a fourth straight month in November’19 after new orders dipped to their lowest level since 2012. Moreover, even the construction spend in U.S. dipped in October’19 which further raised concerns about weakness in the world’s biggest economy which in turn supported the yellow metal prices. U.S. officials stated that both the nations might strike an interim deal before the end of this year. However, no concrete outcome of the prolonged trade war weighed on the market sentiments and supported the prices.


Outlook


Weak economic data from U.S. might dent the risk appetite amongst investors and boost the demand for the safe haven asset, gold. On the MCX, gold prices are expected to trade sideways today, international markets are trading lower by 0.10 percent at $1467.75 per ounce.


For all commodities report, click here


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First Published on Dec 3, 2019 11:08 am
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