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Last Updated : Dec 12, 2019 10:15 AM IST | Source: Moneycontrol.com

Gold prices are expected to trade sideways today: Angel Broking

According to Angel Broking, On Wednesday, spot gold prices rose marginally higher by 0.74 percent to close at $1474.8 per ounce. the yellow metal prices were supported after the U.S. Dollar dipped as the U.S. Federal Reserve kept the interest rates steady.


Angel Broking's report on Gold


On Wednesday, spot gold prices rose marginally higher by 0.74 percent to close at $1474.8 per ounce. the yellow metal prices were supported after the U.S. Dollar dipped as the U.S. Federal Reserve kept the interest rates steady. The U.S. FED stated that the interest rates will be unchanged for a while with expectation of moderate growth in 2020. No change in the interest rates pressurized the U.S. Dollar which made Gold cheaper for other currency holders in turn supporting the prices. The upcoming deadline for fresh tariffs by U.S. on Chinese goods scheduled for 15TH December’19 is still on the table which has raised worries over the global economic growth. However, chances of delay in tariffs might dent the appeal for the safe haven asset and push the prices lower.


Outlook


Chances of delay in the tariffs which are supposed to kick in next week might dent the appeal for the safe haven asset and push the prices lower. On the MCX, gold prices are expected to trade sideways today, international markets are trading marginally higher by 0.32 percent at $1479.75 per ounce.


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First Published on Dec 12, 2019 10:15 am
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