MTECHTIPS:- Expect Gold prices to trade lower: Angel Commodities

MTECHTIPS:- Expect Gold prices to trade lower: Angel Commodities

MTECHTIPS-On Wednesday, spot gold prices declined by 1.06 percent to close at $1203.5 per ounce as prices declined from previous day’s eight-week high as data showing the biggest pick-up in U.S. consumer prices in 2- 1/2 years lifted the dollar and U.S. Treasury yields. Moves were muted however as the markets awaited a speech by Federal Reserve chair Janet Yellen, which will be closely watched for clues on U.S. monetary policy. Outlook We expect gold prices to trade lower today on account of profit booking at higher levels as Janet Yellen commented on strong growth in the economy which warrants a rate hike. Besides, the CPI data also indicated biggest gains since June 2014 pushing gold prices lower further. We expect gold prices to trade lower today, international markets are trading lower marginally by 0.1 percent at $1201 per ounce.

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