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

2024-09-30 04:47:27 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 remained range-bound between $2645-$2660 in Comex, and Rs.75,750-Rs.76,100 in MCX as the market braces for a series of crucial data releases this week. Profit booking could dominate the week as the market weighs the likelihood of additional rate cuts from Fed Chair Jerome Powell, with a total of 1% expected in 2024 following the 0.50% cut on 18th September. There is growing anticipation of another 0.50% cut in the next meeting, but participants are cautious. If upcoming unemployment data shows strong figures, the Fed might take a less aggressive stance, which could temper gold's momentum. For MCX, support levels are seen at Rs.75,000-Rs.75,250, while resistance is near Rs.76,150-Rs.76,350."

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

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