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Gold Price Recover From 2-Week Low; Deeper Correction In Prices Expected
In the international markets, gold prices recovered from two week low after there was seen a decline on the US Treasury yield.
The US Treasury yield was gaining traction amid risk of inflation as global central banks are opening the liquidity tap to fuel the recovery post the pandemic. Nonetheless what curbed higher gains in the gold price has been the strength in dollar. There is a hint of inflation beginning to creep higher in the US as prices surged by the most since 2009.
Spot gold was up 0.1% at $1,777.06 per ounce by 0012 GMT, having dropped to its lowest since Nov. 30 at $1,768.60 on Wednesday. U.S. gold futures rose 0.3% to $1,777.40.
Gold prices in the domestic markets
On the MCX, gold prices on Wednesday retreated lower by as much as 1.5% to Rs. 46220 per 10 gm.
Where's gold price headed?
Experts suggest that there is seen a death cross where its 50-day exponential moving average (EMA) dips below its 200-day EMA, indicating a deeper sell-off. And if it happens, then a deeper correction in gold prices is seen in the range of Rs.
44,500-Rs 45,500 per 10-gram levels, from Wednesday's intraday level of Rs 46,565 on commodity exchange If this level breaks, the next support could kick in at Rs 41,000.
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