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Last Updated : Feb 28, 2018 01:01 PM IST | Source: Moneycontrol.com

Gold prices to trade lower today: Angel Commodities

According to Angel Commodities, on Tuesday , spot gold prices plunged 1 percent to close at $1318 .1 per ounce as dollar gained momentum after New Federal Reserve chief Jerome Powell said in prepared remarks to the U .S. Congress that rate hikes should continue despite the added stimulus of tax cuts and government spending.


Angel Commodities' report on Gold


On  Tuesday , spot gold prices  plunged 1 percent to close at $1318 .1 per ounce as  dollar gained  momentum after  New Federal Reserve  chief Jerome Powell said in prepared remarks to the U .S. Congress  that rate hikes should continue despite the added stimulus of tax cuts  and government spending. Earlier this week, gold was supported by  a softer U.S. dollar helped  the metal rebound from its biggest weekly loss this year,  but moves  were muted before the debut congressional testimony by U.S. Federal  Reserve Chair Jerome Powell later this week. The heads of the European Central Bank and Bank of England are also set to give speeches this week. On the MCX, gold prices fell 0.7 percent to close at Rs. 30438 per 10 gms.

Outlook
We expect gold prices to trade lower today as hawkish comments by the incoming Fed head will be supportive for dollar. On the MCX, gold prices are expected to trade lower today; international markets are trading marginally lower at $ 1317.2 per ounce.

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First Published on Feb 28, 2018 01:01 pm
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