Gold prices to trade higher today: Angel Commodities

According to Angel Commodities, yesterday the markets were closed on account of Christmas. On Monday, spot gold prices rose by 1.0 per cent to trade at $1268.5 per tonne.

Angel Commodities' report on Gold

Yesterday the markets were closed on account of Christmas. On Monday, spot gold prices rose by 1.0 per cent to trade at $1268.5 per tonne. The slowdown in the global growth and downfall in the stock market drove the investors to seek safety in the yellow metal. Concerns over the prolonged shutdown of the U.S. government coupled with a slowdown in the global growth have raised concerns amongst the investors. Trump stated that the partial closure of the US federal government will continue until his demand for funds to build a wall at the US - Mexico border is met. Expectations of further rate hikes by FED weighed on the Dollar which provided further support to the precious metal.

Outlook

We expect gold prices to trade higher today on account of political tension in US and Economic Slowdown. However, the stronger dollar might restrict the gains. On the MCX, gold prices are expected to trade sideways today, international markets are trading higher by 0. 32 per cent at $ 127 5.8 5 per ounce.

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