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Gold prices are expected to trade higher today: Angel Commodities

According to Angel Commodities, On the MCX, gold prices are expected to trade higher today, international markets are trading lower by 0.12 percent at $1282.05 per ounce.

On Monday, Spot Gold prices ended marginally higher by 0.1 percent to close at $1284.8 per ounce whereas Gold on the MCX ended higher by 0.26 percent to close at Rs.31613.0 per 10gms. Constant escalating tension between U.S. and China might take a severe hit on the U.S. economy which has raised worries of slowdown, weakening the U.S. Dollar Index.


Manufacturing sector PMI of U.S. dipped to 50.6, lowest levels in a decade. Weak U.S. data raised the markets expectation of a rate cut by FED soon further weighed on the Dollar and in turn boosted the demand for the safe haven asset.


Outlook


Weak number published by U.S. and escalating trade tension between US and China might increase the demand for Gold. On the MCX, gold prices are expected to trade higher today, international markets are trading lower by 0.12 percent at $1282.05 per ounce.


Courtesy - Money Control

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