Gold commentary 09 August 2021 by Mr. Navneet Damani, Motilal Oswal Financial Services
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Below is the daily gold commentary by Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
“Gold extended its fall, along with silver after a stronger than expected U.S. jobs reported on Friday which fueled the bets that the Fed may start paring back its massive monetary stimulus soon. The dollar and benchmark 10-year Treasury yields jumped after the data, denting non-yielding gold’s appeal. U.S. employers hired the most workers in nearly a year in July and continued to raise wages, giving the economy a powerful boost. Market participants worry that the U.S. economic recovery and rising inflation might spur the Fed to pull back on unprecedented economic support. No major data is expected on the economic calendar today, although U.S. inflation data is scheduled later this week which will be important to watch. Also, RBI’s fifth tranche of the Sovereign Gold Bond(SGB) is starting from today for five days. Issue price for this SGB Scheme 2021-22 is fixed at Rs 4,790 per unit, and a discount of Rs 50 per gram, less than the nominal value has been decided for the investors applying online. It is advised to invest in SGB or any other platform available like ETF or Digital gold based on one’s risk appetite. Broader range on COMEX could be between $1720- 1775 and on the domestic front prices could hover in the range of Rs 45,800- 46,335.”
Above views are of the author and not of the website kindly read disclaimer
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