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Angel Commodities’ report on Gold

On Monday, spot gold prices rose half a percent to close at $1353.1 per ounce after the United States said it would expel 60 Russian diplomats, prompting investor flight into assets considered safe havens. The United States was joining governments across Europe in taking action against the Kremlin after a nerve agent attack on a former Russian spy in Britain. Besides, dollar index declined to five week lows in turn supporting the commodity complex. On the MCX, gold prices traded flat to close at Rs.31142 per 10 gms.

We expect gold prices to trade sideways today as tensions between US and China seems to be easing amid reports that Chinese and U.S. officials were busy negotiating to avert a trade war. On the MCX, gold prices are expected to trade sideways, international markets are trading flat at $1354 per ounce.

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