Angel Commodities’ report on Gold
On Wednesday, spot gold prices rose 1.27 percent to close at $1358.1 per ounce hitting their highest since August, 2016, as investors sought insurance against possible inflation after U.S. Treasury Secretary Steven Mnuchin welcomed a weaker dollar. U.S. President Donald Trump was due to speak on Friday at the World Economic Forum in Davos, Switzerland. Investors are concerned he will use the speech to signal a more protectionist policy stance. The immediate focus was on the ECB’s policy setting meeting later in the global day as markets look for any signs that the central bank is worried about the rapidly appreciating euro. On the MCX, gold prices rose 1.14 percent to close at Rs.30216 per 10 gms.
We expect gold prices to trade higher continuing its positive momentum from the previous trading session, while the rapidly rising Euro and US policy makers welcoming weak dollar are push factors for gold prices to rise in the near term. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by 0 .33 percent at $1361 per ounce.
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