Gold Price Today, Gold Price Outlook, Forecast: Gold costs had been trading flat in India on Wednesday, even as international spot traded with gains on a weaker US dollar. Also, a fall in US Treasury yields aided the up move in the yellow metal. The weak US information helped to ease fears of out-of-handle inflation and bets that the US, mentioned an analyst. On Multi Commodity Exchange, gold June futures had been trading on a flat note at Rs 48,309 per 10 grams, as against the last close of Rs 48,307. Silver July futures had been ruling Rs 456 or .62 per cent down at Rs 72,740 per kg, slipping beneath the critical 73,000-mark. In the earlier session, silver futures ended at Rs 73,196 per kg. “MCX Gold June futures opened on a negative note and were trading above the resistance zone of 47900-48150. If prices trade on the downwards side, then 48200-48000 levels may be tested. This dip could act as a buying opportunity for the investors,” Kshitij Purohit, Lead Commodities & Currency at CapitalVia Global Research, told TheSpuzz Online.
In the international industry, gold continued to obtain and touched a 4-month higher of $1875.04 earlier in the session as a weaker US dollar and increasing value stress lifted bullion’s appeal as an inflation hedge. However, an boost in US 10-year Treasury yields to 1.65% restricted gains, mentioned an analyst. “Concerns about accelerating inflation and caution ahead of the FOMC meeting minutes is likely to weigh on risk appetite in today’s session,” Jigar Trivedi is a Fundamental Research Analyst at Anand Rathi Shares and Stock Brokers, told TheSpuzz Online.
Also, the resurgence of the COVID-19 pandemic in specific Asian nations is hurting international industry sentiments. “Investors will closely watch FOMC minutes today to gain some insight on the Federal Reserve policy outlook after a sharp rise in US inflation to 12-year high levels in April. So, we may see gains in gold today on safe-haven,” Trivedi added.
On the COMEX front, gold was trading marginally decrease close to $1866/oz just after a close to flat close in the earlier session. Gold has corrected just after testing February highs on Tuesday as industry players positioned for FOMC minutes later today which might give more clarity on Fed’s monetary policy stance, mentioned Ravindra Rao, CMT, EPAT, VP — Head Commodity Research, Kotak Securities Ltd. Gold ETF investors also moved to the sidelines. “However, supporting prices are Middle-east tensions and mixed economic data from major economies. Gold may remain sideways to lower as Fed’s dovish stance is largely anticipated,” he added.
(The views in this story are expressed by the respective authorities of investigation and brokerage firm. TheSpuzz Online does not bear any duty for their guidance. Please seek the advice of your investment advisor just before investing.)
1 Comment
After research a number of of the blog posts in your website now, and I actually like your approach of blogging. I bookmarked it to my bookmark website listing and shall be checking again soon. Pls try my site as effectively and let me know what you think.