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 rose as investors leaned toward the safe-haven asset due to mounting concerns over the U.S. government's growing debt, lower confidence in economy amidst Moody’s rating and President Trump tax bill event. Fall in Dollar index below 100 once again, dip in riskier assets and firm US Yields signals a signs of caution in economy, supporting safe haven appeal for bullion. Concerns persisted over Trump's efforts to push a tax-cutting bill that could worsen the debt load by $3 trillion to $5 trillion. The U.S. Treasury Department saw soft demand for a $16 billion sale of 20-year bonds, with investors worried about the country's increasing debt burden as Congress wrangles with the tax bill. US House speaker, Mike Johnson, said Republicans have reached an agreement to increase state and local tax deductions to $40,000, suggesting a resolution to one of the final issues holding President Trump’s economic bill. The economic calendar for this week is fairly light, however, focus will be on several Fed official’s comments and preliminary PMI data from major economies.
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