The US Federal Reserve’s hawkish policy narrative has clouded the outlook for non-performing assets. The Fed raised interest rates by 75 basis points and Chairman Jerome Powell pledged to “continue” their battle to fight inflation.
Gold futures on
increased by 0.31% or Rs 156 to Rs 50,340 per 10 grams. Similarly, silver futures jumped sharply from 0.51 or Rs 299 to Rs 58,625 per kg.
Although gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of holding the non-performing asset.
ICICIDirect Research said gold prices fell yesterday and hit two-and-a-half-year lows after Federal Reserve Chairman Jerome Powell signaled the central bank was not done with raise interest rates.
“However, weaker than expected macro data in the US prevented further decline. Gold prices are expected to trade with a negative bias for the day amid a rising US Dollar,” he said. -he declares.
Global industrial production weakened in October as widespread recession fears, high inflation and China’s zero-COVID policy hurt demand, business surveys showed, compounding ongoing supply disruptions and darkening the outlook for recovery.
In the spot market, the highest purity gold was sold at Rs 50,114 per 10 grams while silver was priced at Rs 57,049 per kg on Thursday, according to the Indian Bullion and Jewelers Association.
Spot gold prices have fallen by more than 1,000 rupees per 10 grams since October 10, while spot silver prices have gained more than 3,600 rupees per kg over the past four weeks.
Commercial strategy
Amit Khare, AVP-Research Commodities, Ganganagar Commodity, said the bullion charts showed some recovery in the daily charts, with a possible upside in the coming days. Momentum Indicator RSI also indicates the same, he added.
He advised traders to make fresh buy potions with support at Rs 50,000-49,800 and resistance at Rs 50,350-50,600. For the silver, support lies at Rs 57,800-57,000 and resistance at 58,700-59,400, Khare said.
Global Markets
Spot gold rose 0.4% to $1,635.71 an ounce, as of 0243 GMT, but is down 0.4% so far this week. US gold futures rose 0.5% to $1,638.20.
Spot silver rose 0.4% to $19.54, platinum was flat at $918.68 and palladium gained 0.6% to $1,811.92.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The US Federal Reserve’s hawkish policy narrative has clouded the outlook for non-performing assets. The Fed raised interest rates by 75 basis points and Chairman Jerome Powell pledged to “continue” their battle to fight inflation.
Gold futures on
increased by 0.31% or Rs 156 to Rs 50,340 per 10 grams. Similarly, silver futures jumped sharply from 0.51 or Rs 299 to Rs 58,625 per kg.
Although gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of holding the non-performing asset.
ICICIDirect Research said gold prices fell yesterday and hit two-and-a-half-year lows after Federal Reserve Chairman Jerome Powell signaled the central bank was not done with raise interest rates.
“However, weaker than expected macro data in the US prevented further decline. Gold prices are expected to trade with a negative bias for the day amid a rising US Dollar,” he said. -he declares.
Global industrial production weakened in October as widespread recession fears, high inflation and China’s zero-COVID policy hurt demand, business surveys showed, compounding ongoing supply disruptions and darkening the outlook for recovery.
In the spot market, the highest purity gold was sold at Rs 50,114 per 10 grams while silver was priced at Rs 57,049 per kg on Thursday, according to the Indian Bullion and Jewelers Association.
Spot gold prices have fallen by more than 1,000 rupees per 10 grams since October 10, while spot silver prices have gained more than 3,600 rupees per kg over the past four weeks.
Commercial strategy
Amit Khare, AVP-Research Commodities, Ganganagar Commodity, said the bullion charts showed some recovery in the daily charts, with a possible upside in the coming days. Momentum Indicator RSI also indicates the same, he added.
He advised traders to make fresh buy potions with support at Rs 50,000-49,800 and resistance at Rs 50,350-50,600. For the silver, support lies at Rs 57,800-57,000 and resistance at 58,700-59,400, Khare said.
Global Markets
Spot gold rose 0.4% to $1,635.71 an ounce, as of 0243 GMT, but is down 0.4% so far this week. US gold futures rose 0.5% to $1,638.20.
Spot silver rose 0.4% to $19.54, platinum was flat at $918.68 and palladium gained 0.6% to $1,811.92.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)