MTECHTIPS:-Gold prices to trade sideways today: Angel Commodities

MTECHTIPS:-Gold prices to trade sideways today: Angel Commodities

MTECHTIPS- Wednesday, spot gold prices declined marginally as the dollar recovered from over 7-week lows and traders waited to see if the U.S. Federal Reserve will keep its interest rates unchanged amid uncertainty over the policies of President Donald Trump. Also, gold prices came under pressure as US manufacturing activity in January at 56 is the highest since the end of 2014. On the MCX, gold prices fell by 0.3 percent to close at Rs.28870 per 10 gms. Outlook We expect gold prices to trade sideways today as the Fed stayed pat on interest rates and did not give any major clue on the timing of future rate hike. On the MCX, gold prices are expected to trade sideways today, international markets are trading lower by 0.5 percent at $1215 per ounce.

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