According to Angel Commodities, on the MCX, gold prices are expected to trade lower today, international markets are trading lower by 0.15 percent at $1275.15 per ounce.
On Tuesday, spot gold prices ended lower by 0.22 percent to close at $1274.7 per ounce. Recovery in the U.S. Dollar and strengthening of global stocks dented the demand for the yellow metal. Global stocks rose as the United States temporarily eased the curbs on China’s tech giant, Huawei, easing worries about further escalation of the U.S.-China trade tension.
The markets will have an eye for the FED’s minutes which are to be published today for further hints whether of the Federal Reserve will trim interest rates considering the escalating trade tension. However, Chair Jerome Powell stated that it was premature to ascertain the impact of trade and tariffs dispute between U.S. and China on the monetary policy. Meanwhile, as per data from the International Monetary Fund (IMF) published yesterday, Russia increased its gold holdings by 15.15 tonnes to 2,183.52 tonnes in April 2019.
Outlook
Appreciating U.S. Dollar amid U.S. eased curbs on China’s tech giant, Huawei’s which led to an uptrend in the global stocks and shifted the investors towards riskier assets which might in turn weigh on Gold prices. Markets will have a keen watch on the FED’s minutes which is to be announced today. On the MCX, gold prices are expected to trade lower today, international markets are trading lower by 0.15 percent at $1275.15 per ounce.
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