Live From The Field

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.

Outlook
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.

For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Read More Read More

Leave a Reply

Your email address will not be published. Required fields are marked *