Gold prices to trade sideways today - 21 Aug 2018 @CapitalStars



According to Sources Commodities, on Monday, spot gold prices rose 0.49 percent to close at $1190.2 per ounce after touching a more than 1 - 1/2 year low last week as China's strengthening currency made the metal cheaper for buyers in the world's biggest gold consumer.

Sources report on Gold

On Monday, spot gold prices rose 0.49 percent to close at $1190.2 per ounce after touching a more than 1 - 1/2 year low last week as China's strengthening currency made the metal cheaper for buyers in the world's biggest gold consumer. Gold has tumbled 13 percent from an April high as the dollar appreciated against the yuan and other currencies, raising the cost of dollar - priced bullion outside the United States. Investors are anticipating a Friday speech by U.S. Federal Reserve Chairman Jerome Powell at an economic symposium in Jackson Hole, Wyoming, where he might give clues about the pace of U.S. interest rate rises. On the MCX, gold prices rose half a percent to close at Rs.29497 per 10 gms.

Outlook

We expect gold prices to trade sideways today as investors are wary about the trade discussions between US and China while the Jackson Hole Symposium speech by the US fed will also be on the look. On the MCX, gold prices are expected to trade sideways today; international markets are trading higher by 0.3 percent at $1193 perounce.

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