17-12-2024 04:44 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 weakened by $12 to settle at $2640 on Comex and dropped Rs.350 to Rs.76,700 on MCX as the outcome of the Fed’s policy meeting prompted caution among market participants. Long positions were trimmed ahead of the year’s final policy announcement, with expectations that forward guidance on rate cuts may remain unclear. This lack of clarity weighed on sentiment, especially as the dollar index continued its upward momentum. In the near term, the weakness in gold is likely to persist, with a trading range seen between Rs.76,000 and Rs.77,250 on MCX."
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