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Angel Commodities’ report on Gold

On Thursday, spot gold prices rose 0.6 percent to close at $1294.8 per ounce as prices rose to nine month high, dollar at four week low. The dollar index is down more than 9 percent so far this year, set for its biggest annual loss since 2003. That’s helped lift gold nearly 5 percent from a near five – month low of $1,235.92 struck in mid – December. On the MCX, gold prices rose 0.31 percent to close at Rs.29044 per 10 gms.

We expect gold prices to trade higher continuing its positive momentum from the previous trading session while weak dollar index and thin trade also contributed to the rally. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by 0.1% at $1295 per ounce.

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