According to Angel Commodities, expect gold prices are expected to trade sideways today; international markets are trading lower by 0. 7 percent at D 1219.4 per ounce.
Angel Commodities' report on Gold
On Thursday, the U.S. FED held interest rates steady but to maintain a hawkish stance and gradually raising interest rates to tighten the borrowing cost which has led to appreciation in the Dollar Index. Uptrend in the Dollar Index is driving the yellow metal prices lower. The precious metal has declined more than 10 percent from its April peak after escalating trade tension between U.S. & China trade and higher U.S. interest rates.
U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9 - 1/2 years, pointing to further labour market tightening that could encourage the Federal Reserve to raise interest rates again in December. On the MCX, gold prices are expected to trade sideways today; international markets are trading lower by 0. 7 percent at D 1219.4 per ounce.
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