Quote on gold by Mr. Ashish Rajodiya, Head of Commodity at PL Capital Group
Below the Quote on gold by Mr. Ashish Rajodiya, Head of Commodity at PL Capital Group
“Gold slipped below Rs 1.54 lakh on MCX, sliding to Rs 1,53,650 per 10 grams — down roughly Rs 700-900 from Friday's close of Rs 1,54,381 — after touching an intraday low of Rs 1,53,031. The move mirrors a retreat in global bullion, with spot gold easing about 0.6% to near $4,350 an ounce after slipping from a session high close to $4,383. The dollar index is holding just above the 100 mark following last week's rate hike to 3.75-4%, the first increase in three years, with Fed Chairman Kevin Warsh's hawkish tone continuing to underpin the greenback even as much of that move now looks priced in. Minneapolis Fed's Neel Kashkari has kept up the pressure by pointing to inflation running hot well beyond its original oil-shock trigger, and Nordea has gone as far as pencilling in two more hikes given how resilient the US economy and labour market remain. Adding a layer of uncertainty, gold traders are also watching for any fresh turn in the Middle East situation, which could just as easily revive the safe-haven bid that's missing today. Gold has support at Rs 1,51,800 and Rs 1,49,000, with resistance at Rs 1,54,800 and Rs 1,56,000 — the broader trend stays constructive and dips continue to be a buying opportunity as long as the Rs 1,49,000 support holds, with a break below that level needed to turn the outlook cautious.”
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