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Gold prices to trade higher

In the international markets, Gold gains half a percent on Monday closing the session at $1290.8 per ounce. MCX gold prices gains 0.4 percent closing at Rs.29391 per 10 gms. Safe haven demand fuelled on account of tensions over North Korea and the US. Investors braced for North Korea’s response to computer – simulated military exercises begun by South Korean and U.S. forces on Monday that will continue until Aug. 31 Investors looked ahead to an annual meeting of central bankers this week in Jackson Hole, Wyoming, with European Central Bank President Mario Draghi and U.S. Federal Reserve Chair Janet Yellen to speak on Friday. On the MCX, gold prices rose by 0.4 percent to close at Rs.29391 per 10 gms.

Outlook

We expect gold prices to trade higher today continuing its positive momentum from the past trading session while the safe haven appeal for the metal continues, important event in the week ahead will keep prices volatile. On the MCX, gold prices to trade higher today, international markets are trading lower by 0.16 percent at $1288.46 per ounce.