Gold prices to trade sideways: Angel Commodities
Angel Commodities’ report on Gold
On Wednesday, spot gold prices declined 0. 8 percent to close at $ 1327.7 per ounce reflecting losses across the commodities complex as the U.S. dollar clawed back some losses the day after hitting a three – year low against a basket of currencies. Gold remained relatively firm after three 2017 U.S. interest rate hikes, but further rate hikes could pressure gold prices by raising the opportunity cost of non – yielding bullion. On the MCX, gold prices fell 0. 2 percent to close at Rs. 29742 per 10 gms.
We expect gold prices to trade sideways today, international markets are trading lower by 0. 1 % at $ 1326.4 per ounce. Profit booking after a recent rally and stronger dollar are possible factors exerting downside pressure on gold. On the MCX, gold prices are expected to trade sideways today.
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