Gold prices remained stable after a recent decline, with the focus now shifting to upcoming US inflation data, which is expected to influence future monetary policy decisions and the value of the dollar. This stability follows a 3% decline earlier in the week as easing geopolitical tensions reduced demand for gold as a safe asset.
Despite the overall drop in demand, gold has still performed well this year, largely due to central bank buying and increased interest from Asian markets.
Gold prices stabilized on Wednesday as risk premia linked to tensions in the Middle East eased, while investors awaited US economic data due later in the week, which could provide clues on the the evolution of Federal Reserve interest rates.
Spot gold was steady at $2,322.09 an ounce as of 1:45 p.m. ET, after hitting its lowest level since April 5 in the previous session. U.S. gold futures fell 0.2% to $2,338.4. Spot silver fell 0.2% to $27.23.
Bullion prices fell more than $100 after hitting an all-time high of $2,431.29 on April 12. Today, the US Dollar Index, DXY, was hovering near the 105.78 mark, down 0.07 or 0.07%. “The price of gold was just over $2,300 per ounce. at the beginning of Asian trade. Investors are particularly looking forward to the release of the Personal Consumption Expenditures Index, a key inflation indicator favored by the Federal Reserve, which could suggest continued high inflation and delay possible interest rate cuts. , says Neha Quereshi, senior technical and derivatives analyst at Anand. Rathi products and currencies.
Intraday Trading Strategy by Neha Quereshi:
– Sell MCX JUNE Gold futures at Rs 71,000 with a stop loss of Rs 71,500 and a price target of Rs 70,500
– Sell MCX MAY Silver futures at Rs 80400 with a stop loss of Rs 81400 and a price target of Rs 78400
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Gold prices remained stable after a recent decline, with the focus now shifting to upcoming US inflation data, which is expected to influence future monetary policy decisions and the value of the dollar. This stability follows a 3% decline earlier in the week as easing geopolitical tensions reduced demand for gold as a safe asset.
Despite the overall drop in demand, gold has still performed well this year, largely due to central bank buying and increased interest from Asian markets.
Gold prices stabilized on Wednesday as risk premia linked to tensions in the Middle East eased, while investors awaited US economic data due later in the week, which could provide clues on the the evolution of Federal Reserve interest rates.
Spot gold was steady at $2,322.09 an ounce as of 1:45 p.m. ET, after hitting its lowest level since April 5 in the previous session. U.S. gold futures fell 0.2% to $2,338.4. Spot silver fell 0.2% to $27.23.
Bullion prices fell more than $100 after hitting an all-time high of $2,431.29 on April 12. Today, the US Dollar Index, DXY, was hovering near the 105.78 mark, down 0.07 or 0.07%. “The price of gold was just over $2,300 per ounce. at the beginning of Asian trade. Investors are particularly looking forward to the release of the Personal Consumption Expenditures Index, a key inflation indicator favored by the Federal Reserve, which could suggest continued high inflation and delay possible interest rate cuts. , says Neha Quereshi, senior technical and derivatives analyst at Anand. Rathi products and currencies.
Intraday Trading Strategy by Neha Quereshi:
– Sell MCX JUNE Gold futures at Rs 71,000 with a stop loss of Rs 71,500 and a price target of Rs 70,500
– Sell MCX MAY Silver futures at Rs 80400 with a stop loss of Rs 81400 and a price target of Rs 78400
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)