MTECHTIPS-Gold prices to trade higher

MTECHTIPS-Gold prices to trade higher

MTECHTIPSGold declines half a percent on Tuesday to close at $1284.3 per ounce while MCX gold prices declined by 0.56 percent to close at Rs.29227 per 10 gms. Stronger dollar and cautious investors ahead of the annual general meeting of central bankers wherein Investors awaited speeches by European Central Bank President Mario Draghi and U.S. Federal Reserve Chair Janet Yellen on Friday at Jackson Hole, Wyoming, for clues to the direction of interest and currency rates. The Federal Reserve next meets on Sept. 19 – 2 0. Fed funds futures prices show traders see a 42 percent chance of an interest rate increase by the December meeting, with a marginal chance of a rate cut, according to CME Group’s Fed Watch tool. We expect gold prices to trade higher continuing its recent positive momentum while the key event of central bankers at Jackson Hole will be a close watch by investors across the globe. MCX gold prices are expected to trade higher today, international markets are trading flat at $1284 per ounce

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