Gold prices edged higher on Wednesday as the dollar pulled back, with investors focussing on key US consumer price index data due later today for signs on how close interest rates are to peaking.
Gold prices edged higher on Wednesday as the dollar pulled back, with investors focussing on key US consumer price index data due later today for signs on how close interest rates are to peaking.
Domestic brokerage ICICI Direct expects gold prices to trade on a firmer note ahead of US inflation numbers as it will yield signs on future rate hikes. “The US CPI YoY is expected to slide towards 5.1 per cent against previous reading of 6 per cent. Later on, the focus will shift towards key US FOMC meeting minutes,” it said.
Domestic brokerage ICICI Direct expects gold prices to trade on a firmer note ahead of US inflation numbers as it will yield signs on future rate hikes. “The US CPI YoY is expected to slide towards 5.1 per cent against previous reading of 6 per cent. Later on, the focus will shift towards key US FOMC meeting minutes,” it said.
“MCX Gold is hovering above the bullish crossover of five and 10 day EMA, which could support the precious metal to rise further towards 61100. Only a close below 59900 would bring a correction in the trend,” the brokerage said.
“MCX Gold is hovering above the bullish crossover of five and 10 day EMA, which could support the precious metal to rise further towards 61100. Only a close below 59900 would bring a correction in the trend,” the brokerage said.
On silver prices, it said, “MCX Silver is expected to march towards 76200 as long as it sustains above the key support at 74200.”
On silver prices, it said, “MCX Silver is expected to march towards 76200 as long as it sustains above the key support at 74200.”
Gold prices have delivered over 14 per cent returns in the last one year period ended 30 March, 2023, even as equity markets have remained tepid during this time.
Gold prices have delivered over 14 per cent returns in the last one year period ended 30 March, 2023, even as equity markets have remained tepid during this time.
“Gold continue to trade higher, as the dollar eased while investors awaited this week’s US inflation data that could influence the Federal Reserve’s monetary policy trajectory,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal.
“Gold continue to trade higher, as the dollar eased while investors awaited this week’s US inflation data that could influence the Federal Reserve’s monetary policy trajectory,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal.
Strong US employment report released last week raised bets that the US central bank would raise interest rates next month, with markets pricing in more than 70 per cent chance of a 25 basis-point hike, according to the CME Fed-Watch tool.
Strong US employment report released last week raised bets that the US central bank would raise interest rates next month, with markets pricing in more than 70 per cent chance of a 25 basis-point hike, according to the CME Fed-Watch tool.
“Market participants, this week, are now also keeping an eye on the FOMC meeting minutes which could provide where comments from Governor Powell and officials will be important to keep an eye on. Federal Reserve Bank of New York President John Williams said that financial system troubles that drove the central bank to provide large amounts of credit to banks was not collateral damage from the Fed’s aggressive effort to lower inflation,” Damani said.
“Market participants, this week, are now also keeping an eye on the FOMC meeting minutes which could provide where comments from Governor Powell and officials will be important to keep an eye on. Federal Reserve Bank of New York President John Williams said that financial system troubles that drove the central bank to provide large amounts of credit to banks was not collateral damage from the Fed’s aggressive effort to lower inflation,” Damani said.
“SPDR holdings rose 0.25 per cent to 933.22 tonnes on Monday, from 930.91 tonnes on Thursday. Broader trend on COMEX could be in the range of $1985-2010 and on domestic front prices could hover in the range of Rs.59,800 – 60,800 could be expected,” Damani added.
“SPDR holdings rose 0.25 per cent to 933.22 tonnes on Monday, from 930.91 tonnes on Thursday. Broader trend on COMEX could be in the range of $1985-2010 and on domestic front prices could hover in the range of Rs.59,800 – 60,800 could be expected,” Damani added.
Meanwhile, spot gold was up 0.1 per cent at $2,005.18 per ounce, as of 0051 GMT. US gold futures rose 0.1 per cent to $2,020.10.
Meanwhile, spot gold was up 0.1 per cent at $2,005.18 per ounce, as of 0051 GMT. US gold futures rose 0.1 per cent to $2,020.10.
Spot silver was flat at $25.06 per ounce, platinum added 0.3 per cent at $997.49 and palladium rose 0.7 per cent to $1,456.08.
Spot silver was flat at $25.06 per ounce, platinum added 0.3 per cent at $997.49 and palladium rose 0.7 per cent to $1,456.08.
The dollar index was lower by 0.1 per cent, making bullion cheaper for buyers holding other currencies.
The dollar index was lower by 0.1 per cent, making bullion cheaper for buyers holding other currencies.
