Gold prices to trade higher: Angel Commodities

Angel Commodities’ report on gold

On Thursday, gold prices rose by 0.31 percent to close at $1244.2 per ounce after European Central Bank President Mario Draghi said ECB policymakers would discuss potential changes to the bank’s bond – buying scheme in the autumn, lifting the euro to a 14 – month high. Draghi said the policymakers were unanimous in choosing not to change their guidance for monetary policy, and not to set a date for discussing changes to its stimulus program. However, he flagged further discussions later in the year. On the MCX, gold prices rose by 0.24 percent to close at Rs.28547 per 10 gms.

Outlook

We expect gold prices to trade higher today continuing its positive momentum from the previous trading session while weakness in the dollar index and ECB possible winding up its easy monetary policy stance are push factors for gold prices. On the MCX, gold prices are expected to trade higher today, international markets are trading flat at $1244 per ounce.

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