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Gold prices to trade higher

According to Angel Commodities, Spot Gold prices closed marginally higher by 0. 2 percent at $ 1247 per ounce a s weakness in the DX after European Central Bank President Mario Draghi said in a speech in Portugal that changes to the central bank’s accommodative posture may see the ECB move “not in order to tighten the policy stance, but to keep it broadly unchanged ”, supported an upside.

 

Commodities’ commodity report on Gold
Spot Gold prices closed marginally higher by 0. 2 percent at $ 1247 per ounce a s weakness in the DX after European Central Bank President Mario Draghi said in a speech in Portugal that changes to the central bank’s accommodative posture may see the ECB move “not in order to tighten the policy stance, but to keep it broadly unchanged ”, supported an upside. Last week, prices lost momentum after a string of hawkish comments by Fed members. Latest comments by Boston Fed President Eric Rosengren on Tuesday that low interest rates do pose financial stability concerns that central bankers and the private sector must take seriously. On the MCX, gold prices gained marginally to close at Rs.28553 per 10 gms.

Outlook
We expect gold prices to trade higher today as gradual rate hike comment by Yellen and similar thoughts by Fed member Patrick Harker will be supportive for gold. On the MCX, gold prices are expected to trade higher today, as international markets are trading higher by 0.4 percent at $1251.9 per ounce.
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