On Monday, Spot Gold prices ended marginally lower by 0.03 percent at $1274.7 per ounce. Prices recover post Easter Holiday after hitting its lowest levels since December 2018 over falling equities and rising crude prices. Gold is closely correlated to crude as the yellow metal is often used to hedge against oil-led inflation. Oil rose in yesterday’s trading session as U.S. planned to impose more sanctions on Iranian oil which supported Gold prices. As per reports from U.S. Commodity Futures Trading Commission (CFTC), speculators increased their net short position in COMEX gold last week which capped gains for Gold.
Outlook
Dollar rises over robust U.S. economic data which might in turn pressurise Gold. On the MCX, gold prices are expected to trade higher today; international markets are trading lower by 0.06 percent at $1276.85 per ounce.
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