On Thursday, spot gold prices declined 0.48 percent to close at $1270.3 per ounce as the FED severed any chances of a rate cut in the coming months which pushed the Dollar higher in turn pressurizing the safe haven asset, Gold. The U.S. Federal Reserve held interest rates steady but they pointed towards some adjustments any time soon considering the continuous job and economic growth. The investors expected FED to be dovish but a not so dovish stance supported the US Dollar. Moreover, U.S. generated about 275,000 new jobs last month across every sector which strengthened the Dollar Index. Now the markets will have a keen watch on the Non-Farm Employment Change number which might further signal towards improving economic conditions and in turn pressurize the yellow metal prices.
Outlook
We expect gold prices to trade lower continuing its weakness from the previous trading session as a solid job growth in US might continue to push Dollar higher. On the MCX, gold prices are expected to trade lower today, international markets are trading higher by 0.03 percent at $1272.35 per ounce.
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