Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

2024-10-11 04:19:20 pm | Source: LKP securities Ltd

Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

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Below the Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

"Gold prices remained elevated, trading above $2,635 in Comex and rising by over Rs.400 to Rs.75,750 in MCX. The key drivers for the ongoing positive trend include U.S. data that supports the continuation of interest rate cuts, particularly due to high jobless claims and elevated crude oil prices, which indicate persistent inflationary pressures.

Gold support is seen around Rs.75,000-Rs.75,200, with resistance around Rs.76,250-Rs.76,500. The outlook for gold remains supportive, as long as prices hold above $2,580 in Comex."

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Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

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