Gold is expected to trade higher today: Angel Commodities


Angel Commodities’ report on Gold

Last week, spot gold prices rose by 0.8 percent after downfall in the US Dollar over dovish comments by the FED. However, better than expected U.S. economic data helped Dollar rebound which in turn capped gains for the yellow metal. The U.S. Federal Reserve gave up all plans to hike interest rates in 2019, signalling towards an end of their monetary tightening policy which weighed on the Dollar in turn supporting Gold. However, the gains were capped by the uptrend in the U.S. Dollar after applications for unemployment benefits reduced significantly last week coupled with factory activity in the mid-Atlantic region rebounding sharply this month after sharp falls.


Outlook

Expectation of dovish stance by FED might weigh on the US Dollar and in turn support Gold. Markets will have an eye on results of the U.S. Federal Reserve’s policy meeting later in the day. On the MCX, gold prices are expected to trade higher today; international markets are trading higher by 0.20 percent at $1321.45 per ounce.

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First Published on Mar 25, 2019 12:46 pm