Morning Quote from Deveya Gaglani, Senior Research Analyst-Commodities, Axis Securities
Below the Morning Quote from Deveya Gaglani, Senior Research Analyst-Commodities, Axis Securities.
“COMEX Gold's impressive eight-week winning streak came to an abrupt end as it sharply retreated after reaching a record high of $2,956. The metal dropped over 2.6% in the last session, affected by a rebound in the U.S. dollar, which ended its three-week losing streak with nearly a 1% gain. Investors adjusted their positions following the latest Core PCE Price Index report, which indicated a 0.3% month-over-month increase in January, aligning with expectations. In the MCX, gold prices corrected by more than 2%, decreasing by over 1,800 points last week. We anticipate that prices will remain volatile, given that it is a data-heavy week ahead”.
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