Quote on Daily gold commentary by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd
Below the Quote on Daily gold commentary by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd
Gold prices traded steady in the early morning session but, were poised for their steepest weekly decline in six months, as a firm dollar and waning trade war concerns dampened its appeal as a safe-haven asset. Earlier this week, the U.S. and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April. On data front, data showed U.S. producer prices fell unexpectedly in April, while retail sales growth slowed. Consumer prices rose less than expected in April, a report showed. Core Retail sales was reported lower than estimate, while the weekly jobless claims was steady, supporting the overall sentiment for bullions on higher side. Yesterday, comments from President Trump and Governor Powell also triggered volatility in market. Governor Powell kept is wait and watch stance intact, however he did mention that it is appropriate to reconsider average inflation targeting. President Trump mentioned that Ukraine peace is difficult until he meets President Putin. Amidst all these updates and data points gold settled above $3200 once again, however it is important to note that any update regarding US and China trade talks could again weigh on prices. Focus today will be on a few housing numbers and Michigan consumer sentiment.
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