Thursday, 4 August 2016

MTECHTIPS:- Expect Gold prices to trade sideways: Sushil Finance

MTECHTIPS:- Expect Gold prices to trade sideways: Sushil Finance

MTECHTIPS:-Gold The price of gold dropped on Wednesday, retreating from a three - week  high set in the previous session, after a rise in the dollar on the back of  strong economic data. U.S. private employers added 179,000 jobs in July, above economists'  expectations, a report by a payrolls processor showed. The private employment figures came ahead of the U.S. Labor  Department's more comprehensive monthly non - farm payrolls report on  Frida y, which includes both public - and private - sector employment. Higher U.S. interest rates would lift the opportunity cost of holding gold,  which has surged about 28 percent this year on expectations the Fed  would keep rates unchanged. Chicago Federal Reserv e Bank President Charles Evans offered a  lukewarm endorsement of an interest rate increase later this year,  despite his worry that inflation is still undershooting the U.S. central  bank's target of 2 percent. Outlook We expect gold prices to trade sideways a head of US non - farm payroll data to be released on Friday.




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