MTECHTIPS;-Gold prices to trade lower today

MTECHTIPS;-Gold prices to trade lower today

MTECHTIPS- On Tuesday, spot gold prices declined by 0.8 percent to close at $1215.6 per ounce as prices hit the lowest level in more than four weeks. Besides, the dollar strengthened and expectations for a U.S. interest rate hike this month weighed, though moves were muted ahead of U.S. payroll data this week. We expect gold prices to trade lower on anticipation of rate hike in the FOMC meeting scheduled on 14-15th March. Besides, stronger dollar index will also exert downside pressure on gold prices. On the MCX, gold prices are expected to trade lower today, international markets are trading higher by 0.2 percent at $1219 per ounce.

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