According to Sushil Finance, gold prices are likely to trade negative on the back of the US interest rate outlook.
Gold
Gold cut losses on Tuesday, as the dollar turned lower after U.S. retail sales and producer prices data came in weaker than expected, but prices remained below $1,200 an ounce on higher equities.
The Commerce Department said on Tuesday retail sales increased 0.9 percent, below the 1 percent that economists polled by Reuters had
forecast.
Separately, the Labor Department said its producer price index for final demand increased 0.2 percent last month. But in the 12 months through March, producer prices fell 0.8 percent, the biggest year-on-year decline since 2009.
The recent strength in the U.S. dollar, which has benefited from the growing likelihood that the Federal Reserve will raise interest rates this year, has been a headwind for bullion over the past months.
A U.S. rate increase, which would be the first in nearly a decade, dims the appeal of assets such as gold which do not pay interest.
Outlook
We expect gold prices are likely to trade negative on the back of the US interest rate outlook.
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