Gold prices are expected to trade sideways today: Angel Commodities


On Tuesday, spot gold prices rose by 0.19 percent to close at $1395.2 per ounce. The U.S. Treasury yields rose over falling expectation of a possible interest rate cut by the U.S. Federal Reserve which in turn pushed Dollar higher. Markets will have a keen watch on FED’S Chair Powell’s semi-annual testimony to the U.S. Congress on the economy for further hints on their monetary policy. However, rising global uncertainties and worries over economic slowdown continued to support Gold; however, appreciating Dollar capped the gains.

Outlook

Fading chances of an aggressive monetary policy easing by the U.S. Federal Reserve boosted the Dollar and weighed on the Gold prices. On the MCX, gold prices are expected to trade sideways today; international markets are trading lower by 0.36 percent at $1395.45 per ounce.

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