HYDERABAD: Out-dazzling itself with each passing day, gold scored a hat-trick of kinds on Thursday. The yellow steel’s value within the worldwide market vaulted to one more record high for the third straight day at $2,165-per-ounce, propelled primarily by US Federal Reserve chair Jeremy Powell’s dovish stance on rates of interest. Historically, rates of interest within the US and gold costs have had an inverse relationship.
Following world cues, gold costs within the home market additionally surged to a brand new life-high degree at Rs 65,587 per 10gm for 24K (995 purity for April contract) on MCX throughout the day.
In the native market for bodily gold bars, the value of the valuable steel jumped by round Rs 500 and was quoting at round Rs 65,650 (pre-tax) and Rs 67,270 (together with GST). In Delhi’s market, it was quoted marginally decrease.
“Gold continued its upward march after US Fed chief Jerome Powell reiterated that the US central bank will most likely lower interest rates later this year. Weak US economic data and banking jitters all together pushed the US dollar and bond yields to a multi-week low, helping gold prices rally more than 3% so far this week,” mentioned Saumil Gandhi, senior analyst-commodities, HDFC Securities.
The northward march for the yellow steel isn’t anticipated to halt quickly, feels Gandhi. He mentioned that from a technical standpoint, the bullish development is more likely to proceed as gold costs broke the earlier resistance and at the moment are in new territory. “Comex gold now has immediate resistance at $2,180/$2,200 level and support at $2,119/$2,094 level,” he mentioned.
Following world cues, gold costs within the home market additionally surged to a brand new life-high degree at Rs 65,587 per 10gm for 24K (995 purity for April contract) on MCX throughout the day.
In the native market for bodily gold bars, the value of the valuable steel jumped by round Rs 500 and was quoting at round Rs 65,650 (pre-tax) and Rs 67,270 (together with GST). In Delhi’s market, it was quoted marginally decrease.
“Gold continued its upward march after US Fed chief Jerome Powell reiterated that the US central bank will most likely lower interest rates later this year. Weak US economic data and banking jitters all together pushed the US dollar and bond yields to a multi-week low, helping gold prices rally more than 3% so far this week,” mentioned Saumil Gandhi, senior analyst-commodities, HDFC Securities.
The northward march for the yellow steel isn’t anticipated to halt quickly, feels Gandhi. He mentioned that from a technical standpoint, the bullish development is more likely to proceed as gold costs broke the earlier resistance and at the moment are in new territory. “Comex gold now has immediate resistance at $2,180/$2,200 level and support at $2,119/$2,094 level,” he mentioned.
