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Gold To Hover In The Range Of Rs 48,400 To Rs 48,900

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Gold prices were steady in the international markets and nearing 4 and half months high, as a weak dollar helped.

 

The precious metal is expected to be volatile and inflation readings and data would be key in the future.

"Gold steadied near the highest level in more than four months amid weaker dollar and pullback in U.S. yields showing the investors increased optimism on the precious metal. The dollar stood near its lowest levels in three months; whereas U.S. 10 year yields were hovering near a week low.

The Fed has kept their focus on attaining better job data, although now few fed officials have begun lowering expectations for May jobs growth in the U.S. as business hiring plans continue to outrun supply of people able or willing to work. Economic calendar is muted for the day, although focus will remain on the U.S. consumer confidence and GDP data scheduled later this week. Holdings of SPDR Gold, rose 0.6% to 1042.92 tonnes on Friday. Broader range on COMEX could be between $1865- 1900 and on the domestic front prices could hover in the range of Rs 48,400- 48,900," says Navneet Damani, VP - Commodities Research, Motilal Oswal Financial Services.

 

Gold To Hover In The Range Of Rs 48,400 To Rs 48,900

In the last two months, gold prices have seen a solid uptick, with 22 carats rallying from levels of Rs 42,000 it was retailing in cities like Bengaluru to the current levels of Rs 45,600 per 10 grams in the city. A similar trend has been witnessed in other cities as well.

Read more about: gold
Story first published: Monday, May 24, 2021, 15:01 [IST]
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