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Last Updated : Jan 17, 2020 10:55 AM IST | Source: Moneycontrol.com

Gold prices are expected to trade sideways today: Angel Broking

According to Angel Broking, On Thursday, Spot gold prices ended lower by 0.22 percent to close at $1552.5 per ounce.


Angel Broking's report on Gold


On Thursday, Spot gold prices ended lower by 0.22 percent to close at $1552.5 per ounce. Positive economic data published by U.S. & China coupled with the interim trade deal between U.S. & China shifted the investors towards riskier asset classes and dented the appeal for Gold. Robust trade data from China amid surge in U.S. retail sales for the third consecutive month in December 2019 decreased the demand for the safe haven asset which weighed on the prices. Even the claims for unemployment benefits dipped for the fifth week which further improved the market sentiments. Moreover, the interim trade deal between U.S. & China further weighed on the yellow metal prices.


Outlook


The signing of the trade between US and China amid robust economic data from U.S. & China has provided some relief to the investors and improved global risk appetite in turn pressurizing Gold prices. On the MCX, gold prices are expected to trade sideways today.


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First Published on Jan 17, 2020 10:55 am
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