Gold commentary 20 August 2021 by Mr. Navneet Damani, Motilal Oswal Financial Services
Below is the daily gold commentary by Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
“Gold prices did witness slight jerk after positive U.S. economic data was reported yesterday. Although it again came back in the range trading steady amidst the rising anxiety over increasing cases of coronavirus’ Delta variant that could delay economic recovery and Jackson hole symposium next week. The dollar index held near a more than a nine-month high; whereas U.S. yields edged lower trading at around 1.22 levels. The U.S. jobless claims data fell to a 17-month low last week, signaling towards a strong U.S. job growth, though surging COVID-19 infections pose a risk to the labour market recovery. U.S. Federal Reserve Chair Jerome Powell will speak on “the economic outlook” at next week’s Jackson Hole, Wyoming symposium, where we could expect him to lay out a clearer roadmap on the central bank’s taper plans. Economic calendar is muted for the day although, comments from any fed officials will be important to watch for. Broader range on COMEX could be between $1770- 1820 and on the domestic front prices could hover in the range of Rs 46,965- 47,580.”
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