Gold prices are expected to trade lower today: Angel Commodities

According to Angel Commodities, last week, spot gold prices rose by 0.4 percent over rising global uncertainties coupled with weaker U.S. Dollar

: IJ News Service
08 July 2019 1:57 PM
Reference: 11921

Last week, spot gold prices rose by 0.4 percent over rising global uncertainties coupled with weaker U.S. Dollar. Rising expectations of a possible rate cut by the U.S. Federal Reserve continue to weigh on the Dollar Index and support the yellow metal prices. Even the U.S. 10-year Treasury notes yields lingered above its lowest levels in over 30 month low over expectation of weaker U.S. private jobs data in June, 2019. Falling yield weighed on the U.S. Dollar and in turn supported the bullion metal prices.

Better than expected U.S. job data eased the 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 lower today; international markets are trading marginally higher by 0.02 percent at $1400.4 per ounce.

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