Gold commentary 24th May 2021 By Mr. Navneet Damani, Motilal Oswal
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Below are Views On Gold commentary 24th May 2021 By Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
“Gold steadied near the highest level in more than four months amid weaker dollar and pullback in U.S. yields showing the investors increased optimism on the precious metal. The dollar stood near its lowest levels in three months; whereas U.S. 10 year yields were hovering near a week low. The Fed has kept their focus on attaining better job data, although now few fed officials have begun lowering expectations for May jobs growth in the U.S. as business hiring plans continue to outrun supply of people able or willing to work. Economic calendar is muted for the day, although focus will remain on the U.S. consumer confidence and GDP data scheduled later this week. Holdings of SPDR Gold, rose 0.6% to 1042.92 tonnes on Friday. Broader range on COMEX could be between $1865- 1900 and on the domestic front prices could hover in the range of Rs 48,400- 48,900.”
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