Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
Below the Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
Gold Rebounds with Rs.1,100 Gains; Eyes US CPI Data for Direction
Gold prices opened higher, trading with gains of Rs.1,100 at Rs.94,000 on the MCX, supported by a mild retreat in the dollar index, which slipped by 0.205 to 101.56. Market participants are closely watching the U.S. CPI data due later today, expected to remain steady at 2.4%. The inflation print could influence the Federal Reserve's rate outlook and, in turn, affect gold's trajectory.
Despite recent gains, gold remains under pressure at higher levels following the mutual tariff rollback announced by the U.S. and China. While this has eased global trade tensions, it has also dampened safe-haven demand for the yellow metal.
On the technical front, Rs.93,000 continues to act as strong support, while Rs.95,000 serves as the immediate resistance. A break on either side could set the tone for short-term direction."
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