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 remained slightly positive in Comex at $2,641, while in MCX, it traded with losses of Rs.200, closing at Rs.75,840. The market remains focused on key upcoming data, particularly the Fed's meeting minutes and US CPI data, which will guide the next move for gold.
Tensions in the Middle East between Iran and Israel are also keeping gold volatile, with a projected range between Rs.75,450-Rs.76,350 in MCX. Market sentiment on rate cuts remains neutral, with expectations of a 0.25% cut as the US unemployment numbers came in line, dulling hopes for a larger rate cut. While the overall trend for gold remains strong, some minor profit booking could emerge. Immediate support is seen near Rs.75,400-Rs.75,550, with resistance around Rs.76,400-Rs.76,550."
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