Gold Prices are Projected to Fall Between Rs 59,000 & Rs 59,650
NEW-DELHI: Gold prices surged to a three-week high as the US dollar experienced a decline, accompanied by slipping Treasury yields following the release of lackluster economic data. Navneet Damani, the Senior Vice President of Commodity Research at Motilal Oswal Financial Services, emphasized the impact of these market dynamics on the precious metal's recent gains.
The rise in gold prices comes in response to the weakening US dollar and a decrease in Treasury yields, both of which have been influenced by disappointing economic indicators. Investors are closely monitoring the latest developments, with particular attention on the upcoming US GDP data and private payrolls report. If these reports fall short of expectations, it could potentially drive further upward momentum in both gold and silver prices.
According to market experts, the overarching price trend for gold is anticipated to hover within the range of $1,915 to $1,950. In the Indian context, gold prices are projected to fall between Rs 59,000 and Rs 59,650.
The value of the US dollar experienced a reduction in the wake of subdued job creation figures in the United States. This decline in the dollar was further exacerbated by a dip in the 10-year Treasury yield, which retreated from a ten-month high.
Notably, Investors and analysts alike are closely following these intricate market movements, recognizing the intricate interplay between economic indicators, currency values, and precious metal prices. The shifts in these factors continue to guide investment decisions, especially in the realm of commodities like gold. As global markets remain sensitive to economic developments and geopolitical shifts, gold's performance stands as a reflection of the prevailing sentiment among investors.