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Gold prices to trade sideways today: Angel Commodities

Subhash Helgaokar
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Gold prices to trade lower today: Angel Commodities

According to Angel Commodities, Spot gold prices declined 0.28 percent to close at $1265 per ounce. Gold prices plunged to six month lows in yesterday session despite rising global trade tensions.

Angel Commodities' report on Gold

On Wednesday, spot gold prices traded flat at $1290.2 per ounce as prices rebounded from 4 and 1/2 - month low on Wednesday on short - covering as the U.S. dollar came off its 2018 highs and U.S. bond yields sat near multi - year peaks. Gold prices barely responded to North Korea saying it might not attend the unprecedented June 12 summit with the United States if Washington continues to insist that it unilaterally give up its nuclear weapons. North Korea also called off high - level talks with South Korea scheduled for Wednesday, blaming U.S. - South Korean military exercises. On the MCX, gold prices declined half a percent to close at Rs.31253 per 10 gms.

Outlook

We expect gold prices to trade sideways as the uncertainty with North Korea and US and high levels talks between South Korea and North Korea is also called off in turn raising geo - political tensions. On the MCX, gold prices are expected to trade sideways today, international markets are trading flat at $129 1 per ounce.

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