According to Angel Commodities, on the MCX, gold prices are expected to trade lower today; international markets are trading higher by 0.19 percent at $1287.15 per ounce.
On Tuesday, Spot gold prices rose marginally by 0.06 percent to close at $1287.2 per ounce. Gold prices declined after the US Dollar appreciated over stronger U.S. economic data and rising Treasury yields. With US-China trade tension easing off and the softening of Brexit negotiations seems to have increased the risk appetite in the markets. Investors are moving towards riskier asset class and withdrawing their investments in metals which weighed on Gold prices. Increasing US treasury yields and strong growth witnessed by US in the fourth quarter supported Dollar in turn making Gold expensive for other currency holders. As per the US data, Hedge funds and fund managers have reduced their long position in COMEX gold and in turn increased their long position in Silver. On the MCX, Gold prices declined by 0.89 percent to close at Rs.32083.0 per 10 gms.
Outlook
Appreciating Dollar over stronger than expected US economic data and rising US Treasury yields might pressurize Gold. On the MCX, gold prices are expected to trade lower today; international markets are trading higher by 0.19 percent at $1287.15 per ounce.
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