Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rebound – Gold and Silver prices rebound from psychological support, as it was oversold and investors rush for bottom fishing.Long-term View (3-4months) –Positive – Any dips towards 50000 and 60000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
Bullion prices rebound as dollar and yields dipBullion manages to attract buyers at lower prices
- International News – Gold’s recovery materialized as the US dollar index came off the highs. The US dollar index hit a 2002 high earlier this month amid safe-haven buying and expectations that the US Fed may lead other central banks in tightening monetary policy to get inflation under control.
- Demand and supply – If we look at US CFTC data, speculators for gold futures raised short positions by more than 35 per cent from the lows in late March.
- Economic Data – US Fed Chairman Jerome Powell this week said that the Fed will keep raising interest rates until there is “clear and convincing” evidence that inflation is in retreat.
- Domestic News– Gold imports rose 33.3% in FY22 to 837 tonnes, or 12% more than the pre-pandemic annual average of FY16-20.