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Last Updated : Jun 08, 2018 10:18 AM IST | Source: Moneycontrol.com

Gold prices to trade sideways today: Angel Commodities

According to Angel Commodities, On Thursday , spot gold prices traded flat to close at $ 1296.7 per ounce as a weaker dollar and trade tensions provided support but investor anticipation of a U.S. rate hike from the Federal Reserve next week weighed on prices.

Representative image
Representative image

Angel Commodities' report on Gold


On Thursday , spot gold prices traded flat to close at $ 1296.7 per  ounce  as a weaker dollar and trade tensions provided support but investor anticipation of a U.S. rate hike from the Federal Reserve next  week weighed on prices. This week ,  gold prices  have been supported by  a softer greenback  supported dollar - denominated gold after the euro rose to a 10 - day  high when European Central Bank officials said an end to the bank's  bond - buying program by the end of 2018 was plausible. On the MCX, gold prices rose 1 percent to close at Rs. 31193 per 10 gms boosted by Rupee depreciation.

Outlook
We expect gold prices to trade sideways today as trade tensions between US and China continue to dominate while the possibility of rate hike by the US FED in its June meeting looks very much likely. On the MCX, gold prices are expected to trade sideways today; international markets are trading flat at $1296 .5 per ounce.

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First Published on Jun 8, 2018 10:18 am
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