Commodities » Precious Metals
Spot Gold prices traded sideways on Wednesday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Spot Gold prices traded sideways on Wednesday as the dollar index gained marginally and exerted pressure on the yellow metal prices. Gold prices had gained in the earlier session after the US Federal Reserve left interest rates unchanged for a further period to support the economic recovery which weakened the low yielding dollar
OUTLOOK
Today, gold prices could trade with a negative bias if the dollar strengthens as mixed economic data points towards two directions.
On the macroeconomic front , the US is expected to announce a host of economic data comprising of unemployment claims, current account, and inflation today. The economic updateswould be influential in providing further movement to the dollar and gold prices.
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