Gold prices to trade lower today: Angel Commodities @CapitalStars - 16 Aug 2018

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According to Angel Commodities, on Wednesday,, spot gold prices declined 1.62 percent to close at $1174.3 per ounce as the dollar climbed towards its highest in over a year on concerns about global market contagion triggered by recent declines in the Turkish lira.

 Sources Report on Gold

 On Wednesday,, spot gold prices declined 1.62 percent to close at $1174.3 per ounce as the dollar climbed towards its highest in over a year on concerns about global market contagion triggered by recent declines in the Turkish lira. Bullion has declined about 9 percent this year, pressured by rising U.S. interest rates, a soaring dollar and failure to capitalize on its traditional role as a hedge against global uncertainties. Investors have opted for U.S. Treasuries, seen as the ultimate safe haven, which meant they had to buy dollars, while bearish sentiment on gold led to liquidations in exchange - traded funds (ETFs) and a record level of short positions. Indian markets were closed on account of Independence day on 15th August.

 Outlook

 We expect gold prices to trade lower today continuing its weak momentum from the previous trading session while investors preferred safe haven asset such as dollar and yen rather that the yellow metal is putting further pressure on prices. On the MCX, gold prices are expected to trade lower today, international markets are trading lower by 0.2 percent at $1172 per ounce.

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