13-12-2024 05:57 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 witnessed a sharp sell-off as profit booking intensified following mixed signals from US economic data. While the PPI data came in lower, higher weekly jobless claims prompted a retreat in gold prices from $2,710 to $2,670 on Comex. Similarly, MCX Gold tumbled from Rs.79,000 to Rs.77,450, marking a drop of over Rs.1,500 since yesterday. The current weakness suggests a potential trading range of Rs.76,000–Rs.78,000 in MCX, with the short-term outlook remaining cautious amid ongoing market volatility."
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