Angel Commodities’ report on Gold
Spot gold prices traded flat to close at $1279.5/oz, while MCX gold prices rose by 0.4 percent to close at Rs.29217 per 10 gms. However, gold prices touched six week high as job creation fell sharply in May with just 138,000 new jobs, while the unemployment rate declined to 4.3 percent, thereby diluting the prospects for an aggressive string of interest rate hikes in the United States.
Gold prices will continue to trade higher unless the political uncertainty from the US and the UK with regards to elections fades. Weak dollar will also act as a positive factor for the yellow metal. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by 0.4 percent at $1284.8 per ounce.
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