01-01-1970 12:00 AM | Source: Motilal Oswal Financial Services Ltd
Commentary On Gold By Mr. Navneet Damani, Senior VP Commodities Research, Motilal Oswal Financial Services
News By Tags | #473 #607 #4315 #5560

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Below Commentary On Gold By Mr. Navneet Damani, Senior VP – Commodities Research, Motilal Oswal Financial Services

 

“Gold prices steadied near a three-month peak as signs of cooling U.S. inflation boosted bets for smaller rate hikes, while reports around Russian missiles killing two people in Poland led to some demand for safe-haven assets. The United States and Western allies said they were investigating but could not confirm a report that a blast in NATO member Poland resulted from stray Russian missiles, while Russia’s defence ministry denied it. Volatility was a bit high in the yesterday's session as apart from fed officials comments we also had the U.S. PPI and NY state manufacturing index. The U.S. PPI increased 8.0% for the 12 months through October compared with economist expectations for 8.3%. While the NY empire state manufacturing index was positive showing the level of general business conditions improving in NewYork. After two fed officials hinting a slowdown in the pace of rate hike, Fed official Bostic mentioned that more hikes will be needed to get the inflation down to the Fed's target rate. Focus today will be on the U.S. Retail sales and IIP data. Broader trend on COMEX could be in the range of $1740-1800 and on domestic front prices could hover in the  range of Rs. 52,700-53,400 could be expected.”

 

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