2024-11-09 05:35:11 pm | Source: LKP Securities
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 traded weak, dropping by ?300 to ?77,150 and by $20 to $2,685, amid strength in the dollar index and the Federal Reserve's policy announcement that aligned with expectations of a 0.25% rate cut. The Fed's outlook, coupled with inflation trending toward the targeted 2%, offered no new surprises to support gold prices. Profit booking continued following Trump's election victory. Gold is currently facing resistance in the ?77,250-?77,350 range, while a strong short-term support level is seen at ?76,500."
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