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 prices maintained a positive stance as the dollar remained muted near 104.4. After witnessing some selling pressure yesterday, which saw prices drop to ?77,600, gold quickly rebounded to ?78,350, posting a gain of ?500 from yesterday's lows. This recovery highlights the strong underlying sentiment for gold, which continues to benefit from the broader macroeconomic environment, particularly as the U.S. dollar stabilizes.
One of the key data points that the market will focus on this week is the Initial Jobless Claims on Thursday, which are expected to come in at 243K, slightly higher than the previous 241K. If the claims come in lower than expected, signaling continued economic strength in the U.S., this could pressure gold prices as it would suggest a resilient economy that might slow down the pace of interest rate cuts. Such a scenario could lead to a minor retracement in gold prices, with support levels at ?77,000 - ?77,500 being crucial"
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