Gold recovers as G7 puts ban on gold exports

  • Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) -Rangebound–– – Gold is again trading in same range 50200 to 51200 and silver range is 59000 to 62500

    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

    Gold recovers as G7 puts ban on gold exports

    • International News – – Gold was 2nd largest export for Russia, 90% of its output went to G7 countries and Russia accounted for about 5% of all world gold exports. A ban on gold exports from Russia will squeeze the supply of gold in the global market.
    • Demand and Supply – – – – Indian Retail demand is expected to remain soft in June as the wedding season ends and the crop season begins ahead of the monsoon. With soft demand and ample inventories, the local market remained in discount, averaging US$5-6/oz during the first three weeks of June.
    • Economic Data –  –  –  The continued weighing on investors’ sentiment and triggered a fresh wave of the global risk-aversion trade, which, in turn, offered some support to the safe-haven gold.
    • Domestic News – –Gold ETFs in India have seen small positive inflows so far in June, likely driven by continued market volatility and a depreciating rupee. The RBI added 3.7t to its gold reserves in May, the highest monthly addition since December 2021 (also 3.7t). This took total gold reserves to 765.1t (7.5% of total reserves).



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