Quote on Gold: Gold prices stayed in a small range between 57400-57700 Says Jateen Trivedi, LKP Securities
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Below is Quote on Gold 14 March 2023 By Jateen Trivedi, VP Research Analyst at LKP Securities
After a strong 1400rs rally registered yesterday, Gold prices stayed in a small range between 57400-57700 before the important US CPI data where as expected to come lower at 6.0% compared to earlier 6.4%. The lower CPI expectation along with dollar fall on back of Silicon Valley Bank collapse concerns has given the needed push to Gold prices as institutions and hedge funds rush for Gold position in a ripple effect scenario in risky assets. Gold is pricing in the less chance of higher hikes which was expected earlier from FED after a very hawkish speech by chairperson Powell. But after the SVB concern it is very less likely that rates will be hiked further in fact chances of pausing the hike seems in the table if the CPI data comes inline or lower than expectation.
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