Gold prices are expected to trade lower today: Angel Commodities

Stock SectorJune 14, 20182min8
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Angel Commodities’ report on Gold

On Wednesday, spot gold prices rose 0.3 percent to close at $ 1299.3 per ounce as weakness in the DX ahed of FOMC state men t buoyed the yellow metal. Earlier this week, the dollar strengthened following a positive U.S. – North Korea summit, with markets now waiting for a likely interest rate hike by the U.S. Federal Reserve. The dollar hit a three – week high against the yen on Tuesday and Asian shares gained as U.S. President Donald Trump and North Korean leader Kim Jong Un signed a “comprehensive” deal at a historic summit aimed at the denuclearisation of the Korean peninsula. MCX gold prices declined marginally to close at Rs.31143/10gms on Wednesday.

Outlook
Gold prices are likely to trade lower after the widely expected rate hike announcement by the Federal Reserve amidst strong inflation and jobs numbers. On the MCX, gold prices are expected to trade lower today, international markets are trading marginally lower at $ 1298.3 per ounce.

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