Gold prices to trade sideways today: Angel Commodities

Angel Commodities’ report on Gold

On Thursday, spot gold prices rose around 1 percent to close at $ 1304.5 per ounce as risk aversion witnessed a spurt after news that US President Trump has cancelled a summit with North Korean counterpart Kim Jong Un. Also, weaker U.S. dollar as investors interpreted minutes from the U.S. Federal Reserve’s latest policy meeting as dovish, boosted na upside. Most Federal Reserve policymakers thought it likely another interest rate increase would be warranted “soon” if the U.S. economic outlook remains intact, minutes of the central bank’s last policy meeting showed. Policymakers once again debated the inflation path. Several noted that recent wage data provided “little evidence” of overheating in the labor market, while some others saw a risk that “supply constraints would intensify upward wage and price pressures, or that financial imbalances could emerge.” On the MCX, gold prices rose 0. 9 percent to close at Rs.31752/10gms.

We expect gold prices to trade sideways today as latest cancelled meeting between US – north Korea Presidents will keep the markets tense. Also, policy makers remained concerned about the labour market while US economic outlook remains intact which can warrant rate hike in the near future. On the MCX, gold prices are expected to trade sideways today; international markets are trading marginally lower by 0.2 percent at $ 1302.3 per ounce.

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