Gold commentary 31 March 2023 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 and silver price witnessed profit booking after gaining by more than 1%, on the back of steady dollar, while investors kept their eyes peeled for U.S. inflation data to gauge the Federal Reserve's next move. On data front, market participants were cautious ahead of the US final Q4 GDP data, which was reported at 2.6%, against previous data at 3.2%. The Fed's favored inflation gauge, core personal consumption expenditures (PCE), is due later today. Investors will be looking for clues about the path of the U.S. central bank's monetary policy. According to the CME FedWatch tool, markets are pricing in a roughly 50-50 chance of the Fed maintaining rates at current levels at its May meeting. Broader trend on COMEX could be in the range of $1970-1995 and on domestic front prices could hover in the range of Rs. 59,500 – 60,300 could be expected.
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