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Global Spot Gold prices may trade lower to $1150/oz in January

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Gold prices have been hovering around $1200 mark for quite some time now. Further gains in gold prices will depend on the dollar and the timing of the Fed’s move to raise rates, as per Angel Commodities.
 
Investors had been looking for a clear sign from Draghi that the ECB was heading for a move into the sort of outright printing of money, or quantitative easing, carried out by other central banks in recent years.
 
Strength in the dollar index has been the factor influencing the weakness in the yellow metal and this factor will continue to be the significant focus for the investors in the coming months. 
 
A word of caution, the news from Athens “raises the risk of Grexit (Greek euro exit) once again – not the best climate for Europe to begin the new year.
 
Also, Russian currency crisis is a cause of worry as they are heading for a lethal combination of deep recession and runaway inflation. it’s getting tricky to see what is going to really push gold prices firmly into a new range at the moment unless we see some major macroeconomic shifts. 
 

From a month’s perspective, global spot gold prices (CMp:$1215) in the international markets is expected to trade lower towards $1150/oz while MCX gold prices (CMP:Rs.27275) might possibly head lower towards Rs.26500/10 gms mark, Angel Commodities added.

Source:Scrap Register

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