Gold prices to trade lower today: Angel Commodities

Angel Commodities’ report on Gold

On Monday, spot gold prices declined for a second consecutive session on stronger dollar after U.S. President Donald Trump revived hopes that he would meet North Korean leader Kim Jong Un next month, lowering political tensions and demand for gold as a safe – haven investment. The dollar strengthened to a 2018 high, pressuring gold by making it more expensive for buyers holding other currencies. Trading volumes were low, with New York and London markets closed for public holidays. On the MCX, gold prices declined 0.72 percent to close at Rs.30963 per kg.

Ease of tensions between US and North Korea after revived hopes that both the leaders will meet next month in Singapore has led to profit booking in yellow metal and this will continue in todays session also. On the MCX, gold prices are expected to trade lower today, international markets are trading flat at $1298 per ounce.

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