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

07-11-2024 04:39 PM | Source: LKP Securities Ltd

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

News By Tags | #Gold #ExpertViews #Commodity #LKPSecuritiesLtd #JateenTrivedi

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

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

"Gold traded in a flat to range-bound manner as market participants awaited the outcome of the Federal Reserve's meeting tonight, with expectations leaning toward a 0.25% rate cut. Additionally, investors anticipate a statement hinting at potential further rate reductions. After yesterday's significant selloff of over Rs.1,800, dropping from Rs.78,500 to Rs.76,700, gold may find some short-term relief if the Fed’s announcement aligns with projections. However, the upside could be limited, with major resistance set at Rs.77,500. The short-term outlook remains cautious, as the expected 0.25% rate cut is not likely to spark a substantial rally, given that it had already been projected in previous Fed communications."

Above views are of the author and not of the website kindly read disclaimer

IGI Logo

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

Top News

Tag News

More News