Gold prices are expected to trade sideways today: Angel Commodities

Angel Commodities' report on Gold

Last week, Spot gold prices rose 0.9 percent to close at $1266.7/oz, while MCX gold prices rose by same margin to close at Rs.28888 per 10 gms. The dollar slipped and minutes of the Federal Reserve's last policy meeting suggested the U.S. central bank was cautious about raising interest rates.

Outlook

We expect gold prices to trade sideways today as the minutes of the US Fed talked about slow pace of tightening in 2017 which will be tied to economic rebound, while political uncertainty still clouds in the US which will act as a positive factor for the yellow metal. On the MCX, gold prices are expected to trade sideways today, as US markets remain closed on account of Memorial Day holiday.