Commodities » Precious Metals
Spot Gold prices slipped on Wednesday despite the weakness in the dollar
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Spot Gold prices slipped on Wednesday despite the weakness in the dollar avoiding the normal relationship of trading inversely with the greenback. The yellow metal prices touched a low of $1102.85 yesterday. The dollar index traded on a volatile note touching a high of 80.86 but wiped out earlier gains as investors turned towards high-yielding and riskier assets
OUTLOOK
The US is expected to announce economic data on unemployment claims and trade balance. Unemployment claims are expected to decline. If unemployment decreases, it may boost investor confidence in economic recovery and investors may buy high- yielding and riskier investments.
We expect the dollar to weaken on the back of risk appetite in the financial markets. This may help the gold prices to gain back.
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