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 surged higher by Rs.300, trading above Rs.79,000 in MCX, supported by a rupee depreciation of 0.14. In international markets, Comex gold rallied above $2,705, gaining $13. The rally followed the release of U.S. CPI data, which came in line with expectations at 2.9% (MoM) for December. However, a lower-than-expected Core CPI (MoM) for December, at 0.2% against 0.3%, provided additional support to gold prices. The softer inflation reading has strengthened expectations of continued rate cuts by the Federal Reserve, adding momentum to gold’s rally. Volatility is expected to remain high due to ongoing macroeconomic developments. In the domestic market, gold holds a positive outlook above Rs.77,000, with resistance levels seen at Rs.79,250–Rs.79,400."
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