Gold prices to trade lower: Angel Commodities

Angel Commodities’ report on gold

On Tuesday, spot gold prices declined by 0.5 percent to close at  $1248.6 per ounce as equities gained and the markets awaited clues  about monetary policy from the U.S. Federal Reserve, which began its  two – day meeting. The market is not expecting an interest rate increase following the Fed’s two – day meeting, but it is looking for hints on the timing and extent of future moves. On the MCX, gold prices rose by 0.53 percent to close at Rs.28711 per 10 gms.

Outlook

We expect gold prices to trade lower today on account of profit booking after a recent rally while the investors keep an eye on the outcome of the US Fed Meeting that will end tonight. On the MCX, gold prices are expected to trade sideways today, international markets are trading lower by 0.17 percent at $1246.43 per ounce.

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