Gold commentary 26th May 2021 By Mr. Navneet Damani, Motilal Oswal
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Below are Views On Gold commentary 26th May 2021 By Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
“Gold prices continue to trade higher, as it breached the physiological level of $1900 hovering around 4-1/2-month high amidst a drop in U.S. Treasury yields and a weaker dollar. The dollar index was pinned near almost a 4-1/2- month low against its rivals; whereas US 10Y yields was trading near two week low, below 1.6 level. U.S. Senate Republicans plans to reveal a counteroffer to President Joe Biden's $1.7 trillion revised from $2.3tln infrastructure proposal tomorrow. Fed vice chair Clarida official continue to show confidence in fed's ability to manage inflation without hampering the U.S. economic growth. On data front, U.S. consumer confidence number was reported below the expectations although it was at par with previous months data. Broader range on COMEX could be between $1870- 1920 and on the domestic front prices could hover in the range of Rs 48,800- 49,360.”
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