According to Angel Broking, On Wednesday, Spot Gold prices ended lower by 0.25 percent to close at $1635.4 per tonne.
Angel Broking's report on Gold
On Wednesday, Spot Gold prices ended lower by 0.25 percent to close at $1635.4 per tonne. After surging over 3 percent in the last session gold prices witnessed some correction after U.S. posted robust economic data which supported the Dollar. U.S. services sector activity surged to a year high in February which infused some optimism in the markets. Appreciating Dollar made the yellow metal expensive for other currency holders and weighed on the prices. The U.S. Federal Reserve trimmed its bench mark interest rates by 50 basis points to encounters the economic impact from the fastspreading coronavirus which limited the downfall in prices. Following the move the U.S. 10-year Treasury yields dipped to a record low coupled with the dollar falling to a two month low.
Outlook
Expectation of aggressive output cuts by OPEC amid stimulus measures by various central banks might support Crude. On the MCX, oil prices are expected to trade higher today.
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