Commentary On Gold By Mr. Navneet Damani, Senior VP Commodities Research, Motilal Oswal Financial Services
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/09/e958281f8049a641463d9f59332fab0d.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below Commentary On Gold By Mr. Navneet Damani, Senior VP – Commodities Research, Motilal Oswal Financial Services
“Gold caved under pressure from aggressive rate hike expectations as the U.S. dollar and Treasury yields climbed. After a few key macro releases this week, including hotter-than-expected inflation data and better-than-projected retail sales, the expectations of further rate hike tightening grew further. U.S. retail sales unexpectedly rebounded in August, but demand is cooling as the Federal Reserve aggressively raises
interest rates to fight inflation. With retail sales, we also had U.S. weekly jobless claims data which showed a fall last week. The current probability by CME Fed watch tool shows a 78% expectations for 75bps rate hike and 24% for a 100 bps. Along with Fed tightening measures, there is continuous sell off seen in gold and silver ETF'S which is also hurting the overall sentiment. Focus today will be on Michigan inflation expectations.
Broader trend on COMEX could be in the range of $1640-1705 and on domestic front prices could hover in the range of Rs. 49,000 – 49,700 could be expected.”
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/agri23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/B.S. Yediyurappa07.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/job23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dhruv Chopra.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Sachidanand Upadhyay, Managing Director, Lord’s Mark Industries Limited.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/unionNirmala23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Agriculture.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/yadav23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Bhajanlal Sharma.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/aecd4f4a5e886b873aa68500d027acd0.jpg)
We anticipate immense potential benefits from the upcoming Sovereign Gold Bond Tranche in FY...
![Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing week Says Mr. Ajit Mishra, Religare Broking](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/cc796169e4f7c012914c95f4a8efe430.jpg)
![Weekly market outlook : The market is eagerly awaiting data on inflation and industrial production to provide further guidance Says Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/5f1fa5f12be5ac87ff9258ea3909f0f8.jpg)
![Monthly Debt Market Update, September 2023: CareEdge Ratings](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c5541407585e9dfdc52f905c92d59e61.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/09/c6f6ade787c7737a6cccdf9ab9b20b19.jpg)
Market Wrap Up : At the very start of the week zone Says Mr. Osho Krishan, Angel One Ltd
![Daily Market Commentary : Nifty traded sideways throughout the session and finally closed flat at 19732 levels Says Mr. Siddhartha Khemka, Motilal Oswal](https://portfolio.investmentguruindia.com/uploads/news/Broker_5.jpg)
![Morning market quote : The market construct is turning favourable aided by global and domestic factors Says Dr. V K Vijayakumar, Geojit Financial Services](https://portfolio.investmentguruindia.com//uploads/news/Broker _9.jpg)
![Quote on Nifty : Nifty remained volatile during the day Says Rupak De, LKP Securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/05/273ab116a698d99da171ed42cbeb65b4.jpg)