According to Angel Commodities,yesterday the markets were closed on account of Christmas. On Monday, spot gold prices rose by 1.0 percent to trade at $1268.5 per tonne.
Angel Commodities' report on Gold
Yesterday the markets were closed on account of Christmas. On Monday, spot gold prices rose by 1.0 percent to trade at $1268.5 per tonne. Slowdown in the global growth and downfall in the stock market drove the investors to seek safety in the yellow metal. Concerns over prolonged shutdown of the U.S. government coupled with slowdown in the global growth have raised concerns amongst the inve stors. Trump stated that the partial closure of the US federal government will continue until his demand for funds to build a wall at US - Mexico border are met. Expectations of further rate hikes by FED weighed on the Dollar which provided further support to the precious metal.
Outlook
We expect gold prices to trade higher today on account of political tension in US and Economic slowdown. However, stringer dollar might restrict the gains. On the MCX, gold prices are expected to trade sideways today, international markets are trading higher by 0. 32 percent at $ 127 5.8 5 per ounce.
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