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

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

Gold prices declined by around 1 percent on Thursday to close at $1188.5 per ounce to a two-week low on Thursday as the dollar firmed and equity markets rallied, but expectations that the greenback’s climb may be coming to an end helped limit losses. Investors abandoning gold can be seen in the holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, which fell 0.6 percent to 799.07 tonnes on Wednesday. Outlook We expect gold prices to trade lower today on account of profit booking at higher levels while stronger dollar, low investment demand and physical demand will also exert downside pressure on yellow metal. On the MCX, gold prices are expected to trade lower today, international markets are trading lower by 0.4 percent at $1183.7 per ounce.

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