Gold continue to trade higher, as the dollar eased while investors awaited this week Says Mr. Navneet Damani, Motilal Oswal Financial Services
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Below is Commentary on Gold By Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
‘Gold continue to trade higher, as the dollar eased while investors awaited this week’s U.S. inflation data that could influence the Federal Reserve’s monetary policy trajectory. Strong U.S. employment report released on Friday raised bets that the U.S. central bank would raise interest rates next month, with markets pricing in more than 70% chance of a 25 basis-point hike, according to the CME Fed-Watch tool. Market participants, this week, are now also keeping an eye on the FOMC meeting minutes which could provide where comments from Governor Powell and officials will be important to keep an eye on. Federal Reserve Bank of New York President John Williams said that financial system troubles that drove the central bank to provide large amounts of credit to banks was not collateral damage from the Fed’s aggressive effort to lower inflation. SPDR holdings rose 0.25% to 933.22 tonnes on Monday, from 930.91 tonnes on Thursday. Broader trend on COMEX could be in the range of $1985-2010 and on domestic front prices could hover in the range of Rs.59,800 – 60,800 could be expected.’
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