According to Angel Commodities, on Wednesday, spot gold prices declined marginally by 0.05 percent to close at $1237.1 per ounce as Dollar edged higher.
Angel Commodities' report on Gold
On Wednesday, spot gold prices declined marginally by 0.05 percent to close at $1237.1 per ounce as Dollar edged higher. On the MCX, gold prices declined by 0.34 percent to close at Rs.30952 per 10 g ms. Dollar might be pressurized by fall in the U.S. Treasury yield to its lowest level since mid - September raising concerns over economic growth . Market focus might now move toward the US Federal Reserve's monetary policy. Markets expect a fourth rate hike by FED in 2018 in its meeting in this month.
We expect gold prices to trade higher today as dollar might decline over renewed concerns of slowdown in economic growth. On the MCX, gold prices are expected to trade sideways today, international markets are trading higher by 0.15 percent at $1244.4 5 per ounce.
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