Gold prices are expected to trade sideways today: Angel Commodities

Angel Commodities' report on Gold

On Thursday, spot gold prices ended higher by 1.20 percent to close at $1513.2 per ounce after the uncertainties around the prolonged trade war between U.S. & China dented the risk appetite amongst investors and boosted the appeal for the safe haven asset. The Asia-Pacific Economic Cooperation summit which was scheduled for 16th & 17th Nov’19 in Chile where U.S. & China had planned to meet to try and end the 16 month long trade war got cancelled. Further delay in the negotiations weighed on the market sentiments and shifted the investors to take shelter under the safe haven asset gold. U.S. Federal.

Outlook

Rising uncertainties around the U.S. & China trade and tariff spat amid indication for no further rate cut by the FED might continue to support Gold prices. On the MCX, gold prices are expected to trade sideways today; international markets are trading lower by 0.12 percent at $1513.05 per ounce.