MTECHTIPS:-Gold prices to trade higher today: Angel Commodities
MTECHTIPS- Gold On Thursday, spot gold prices rose by 0.24 percent to close at $1360.8 per ounce after the Bank of England cut interest rates for the first time since 2009, though gains were muted by strength in the dollar after the previous day's upbeat U.S. jobs data. I n addition to the cut in rates to a record low 0.25 percent, the BoE said it would buy 60 billion pounds of government debt to ease the blow from Britain's June 23 vote to leave the European Union. The ADP report raised speculation that the U.S. non - farm payrolls on Friday may be strong enough to revive expectations for a Federal Reserve interest rate hike later this year, after it lifted rates for the first time in nearly a decade in December. On the MCX, gold prices rose by 0.26 percent to close at Rs.3 1780 per 10 gms. Outlook On an intraday basis, we expect gold prices to trade higher as the BoE has cut interest rates besides buying 60 billion pounds of government debt. Meanwhile, the Non - Farm payrolls data due today will provide further trajectory to gold prices. On the MCX, gold prices are expected to trade higher today.
MTECHTIPS- Gold On Thursday, spot gold prices rose by 0.24 percent to close at $1360.8 per ounce after the Bank of England cut interest rates for the first time since 2009, though gains were muted by strength in the dollar after the previous day's upbeat U.S. jobs data. I n addition to the cut in rates to a record low 0.25 percent, the BoE said it would buy 60 billion pounds of government debt to ease the blow from Britain's June 23 vote to leave the European Union. The ADP report raised speculation that the U.S. non - farm payrolls on Friday may be strong enough to revive expectations for a Federal Reserve interest rate hike later this year, after it lifted rates for the first time in nearly a decade in December. On the MCX, gold prices rose by 0.26 percent to close at Rs.3 1780 per 10 gms. Outlook On an intraday basis, we expect gold prices to trade higher as the BoE has cut interest rates besides buying 60 billion pounds of government debt. Meanwhile, the Non - Farm payrolls data due today will provide further trajectory to gold prices. On the MCX, gold prices are expected to trade higher today.
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