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Expect Gold futures to trade sideways: Angel Commodities

According to Angel Commodities, on Thursday, Spot gold prices declined by 0.51 percent to close at $ 1286.3. per tonne as investors cut off their shorts against U.S. Currencies.




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Angel Commodities' report on Gold
On Thursday, Spot gold prices declined by 0.51 percent to close at $ 1286.3. per tonne as investors cut off their shorts against U.S. Currencies. The stronger dollar pushed the yellow metal prices lower. FED Chairman, Jerome Powell further confirmed a slowdown in the rate hike in 2019 which might restrict the gains for the Dollar Index. On the MCX Gold prices traded lower by - 0.38 percent to close at Rs. 3 1880.0 per 10g ms.
Outlook
International markets trading higher by 0.3 3 percent at $ 1291.65 per ounce. FED’s dovish statement might pressurize the Dollar and in turn, support the yellow metal prices. On the MCX, gold prices are expected to trade sideways.
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