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Gold prices are expected to trade sideways today: Angel Broking

According to Angel Broking, On Wednesday, spot gold rose by 0.69 percent to close at $1576.7 per ounce after equities closed negative and the US FED decided to keep interest rates unchanged in their latest monetary policy meeting held yesterday.

January 30, 2020 / 11:35 AM IST

Angel Broking's report on Gold


Gold


On Wednesday, spot gold rose by 0.69 percent to close at $1576.7 per ounce after equities closed negative and the US FED decided to keep interest rates unchanged in their latest monetary policy meeting held yesterday. Yields on the 10-year Treasury note dipped to their lowest since October. 10 as the corona virus impact might hamper the global growth. The United States Federal Reserve held interest rates steady at 1.5- 1.75% at its first policy meeting of the year, with officials pointing to continued moderate US economic growth and a "strong" job market. However, addressing a press conference, Powell warned that not only would the coronavirus likely hit China's economy, but that it could also spill over into the US.


Outlook


The new virus outbreak which has spread to various nations might continue to weigh on the market sentiments and support Gold prices. On the MCX, gold prices are expected to trade sideways today.


For all commodities report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

first published: Jan 30, 2020 11:35 am

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