Gold prices to trade higher today: Angel Commodities

According to Angel Commodities,Last week, spot gold prices increased by 0.43 percent to trade at $1226. However, gold prices touched a low of $1217 as dollar slipped on account of the uncertainty of pace of future rate hikes by US FED.

Angel Commodities' report on Gold

Last week, spot gold prices increased by 0.43 percent to trade at $1226. However, gold prices touched a low of $1217 as dollar slipped on account of the uncertainty of pace of future rate hikes by US FED. The recently announced core durable goods data and unemployment claims for the previous week reiterated the weakness in us dollar. Earlier during the week US FED comments on slowing down of the rate hike cycle dragged down the US dollar in turn pushing up the yellow metal. The yellow metal gained during the week on account of continued weakness in US dollar evident during the week. On MCX, gold prices decreased by 0.47 percent to cl ose at Rs. 30860.

Outlook

We expect gold prices to trade higher as uncertainty about rate hikes by the US FED and weakness in the US dollar are near term push factors. On the MCX, gold prices are expected to trade higher today, international markets are trading marginally higher by 0 .05 percent at $122 9.7 per ounce.

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