Moneycontrol
May 17, 2018 11:52 AM IST | Source: Moneycontrol.com

Gold prices to trade sideways today: Angel Commodities

According to Angel Commodities, on Wednesday, spot gold prices traded flat at $1290.2 per ounce as prices rebounded from 4 and 1/2 - month low on Wednesday on short - covering as the U.S. dollar came off its 2018 highs and U.S. bond yields sat near multi - year peaks.


Angel Commodities' report on Gold


On Wednesday, spot gold prices traded flat at $1290.2 per ounce as prices rebounded from 4 and 1/2 - month low on Wednesday on short - covering as the U.S. dollar came off its 2018 highs and U.S. bond yields sat near multi - year peaks. Gold prices barely responded to North Korea saying it might not attend the unprecedented June 12 summit with the United States if Washington continues to insist that it unilaterally give up its nuclear weapons. North Korea also called off high - level talks with South Korea scheduled for Wednesday, blaming U.S. - South Korean military exercises. On the MCX, gold prices declined half a percent to close at Rs.31253 per 10 gms.


Outlook
We expect gold prices to trade sideways as the uncertainty with North Korea and US and high levels talks between South Korea and North Korea is also called off in turn raising geo - political tensions. On the MCX, gold prices are expected to trade sideways today, international markets are trading flat at $129 1 per ounce.


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