According to Angel Commodities, expect gold prices to trade higher today as weakness in US equities spilled over to Asian stocks, thereby boosting safe haven demand.
Angel Commodities' report on Gold
On Tuesday, spot gold prices rose 0. 5 percent to close at $ 1330.3 per ounce, away from its two week low, buoyed by weakness in US equities and easing of DX from three month highs. Gold started the week on a negative note as global political concerns eased while stronger dollar and rising US Treasury yields also exerted downside pressure on the yellow metal. The dollar traded near a two - week high against a basket of major currencies on Monday, bolstered by rising U.S. bond yields and as concerns eased over global political risk s after North Korea said it would suspend nuclear and missile tests, scrap its nuclear test site and pursue economic growth and peace. On the MCX, gold prices gained 0.3 percent to close at Rs. 31538 per 10 gms.
OutlookWe expect gold prices to trade higher today as weakness in US equities spilled over to Asian stocks, thereby boosting safe haven demand. On the MCX, gold prices are expected to trade higher today, international markets are trading lower by 0.2 percent at $ 1328.2 per ounce.
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