Gold prices rose after a brief consolidation witnessed in the previous session By Navneet Damani, Motilal Oswal
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Below are Views On Gold prices rose after a brief consolidation witnessed in the previous session By Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
“Gold prices rose after a brief consolidation witnessed in the previous session, bolstered by the U.S. Federal Reserve's pledge to maintain easy monetary policy to aid economic recovery, while a weaker dollar provided further support. The Federal Reserve held interest rates and its bond-buying program steady on Wednesday after its two-day policy meet despite taking a rosier view of the U.S. economic recovery.
Governor Powell did not mention anything regarding the yields although he continued to underplay the rising inflationary expectation. On other hand, U.S. President Joe Biden plans to unveil a sweeping $1.8 trillion package for families and education in his first speech to Congress, supporting the overall sentiment. Market participants will keep an eye on the US Q1 GDP data and weekly jobless claims scheduled later in the day, which could trigger further volatility in the market. Broader range on COMEX could be between $1775- 1798 and on the domestic front prices could hover in the range of Rs 47,000- 47,550.”
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