Bullion at three-week low as Fed officials reiterate hawkishness

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  • gold and silver – kya lagta hai

    short-term view (up to 1 week) – WeaknessGold looks to touch its down trend channel again, as prices see profit-booking while Silver is continuously trading below its downtrend line from last 5 months

    long-term view (3-4months) – positive –  Any dips towards 50000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively by year end.

     

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    Important news and triggers

    Bullion at three-week low as Fed officials reiterate hawkishness

    • international news –  Gold traded at the lowest level in more than three weeks as Federal Reserve officials reiterated their commitment to tighter monetary settings to curb inflation.
    •  economic data – – All eyes will be on Chair Jerome Powell when he speaks this Friday at the annual gathering of central bankers at Jackson Hole. He’s expected to re-state the Fed’s resolve to keep raising rates to get inflation under control, though he’ll probably stop short of signaling how big officials will go when they meet next month.
    • domestic news – Indian silver demand is soaring as silver imports into India surged to 5100 tonnes in the first seven months of this year, according to data from India’s Ministry of Commerce and Industry. The country’s silver imports for the whole of last year stood at 2,773 tonnes, at 2,218 tonnes in 2020, and 5,969 tonnes in 2019.
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