Gold commentary 19 April 2022 by Mr. Navneet Damani, Motilal Oswal Financial Services
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Below is the daily gold commentary 19 April 2022 by Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
“Gold prices steadied, witnessed some profit booking after touching the key ~$2,000 level in the previous session. Ongoing uncertainties between Russia and Ukraine and inflationary pressure is supporting the metal prices; although rising U.S. Yields, Dollar and anticipation of Fed's aggressive stance in the May meet is keeping a check on metals on higher side. Fed official Bullard mentioned in his speech yesterday that interest rate should be more than 3% to combat against the "very high" inflation. As we approach the next Fed meet, market participants will continue to factor in the tighter monetary policy expectations. Attacks and retaliation between Russia and Ukraine continue to cause distress in the market. Any further update on the peace talk between the two countries could weigh on the overall sentiment. Market participants today will keep an eye on the U.S. housing number. For the week, focus will be on the IMF meetings and Governor Powell' speech. Broader trend on COMEX could be in the range of $1965 – 2000 and on domestic front prices could hover in the range of Rs. 52,780 – 53,700 could be expected.”
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