Quote on Rupee from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
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Below the Quote on Rupee from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"Gold prices opened strong in Comex, starting near $2,440 and rallying to $2,455, which pushed MCX Gold to Rs 70,500. However, panic triggered by the Japanese Yen and the Bank of Japan has contributed to a sell-off in gold. With US interest rates still elevated, gold has encountered resistance on recent rises, particularly around Rs 70,500. A potential preemptive US interest rate cut could increase buying pressure in gold, especially since recent economic data from the US has not been supportive. As a result, the price range for gold is expected to be between Rs 69,000 and Rs 71,000, with volatility likely in the sessions ahead."
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