Yellow Metal Is Expected To Be At A Range-Bound With A Minimal Bearish Bias

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10 October 2023

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Yellow Metal Is Expected To Be Range-Bound With Minimal Bearish Bias

Gold and Silver Prices are weaker in midday U.S. trading Thursday. Traders are looking ahead to the Labor Department on September Friday morning regarding the employment situation. European and Asian stocks were mixed overnight in U.S. stock indexes at midday at a lower rate. The risk aversion is present and delayed this week.

Other interest rates have sourced the global economic outlook. Anuj Gupta, the Head of Commodity at HDFC Securities, said that gold prices yesterday were corrected and closed at 58593 due to no refresh buying interest in the market.

The expectation of an increment rate is also putting pressure on Gold. The market awaits the FOMC decision and U.S. Economic data on every interest rate. We even noticed some profits while booking in the dollar indexing from the higher rate. Several Jobs in the precious metal industry also calculate the gold and silver mild pressure rate.  

However, the market price is still very short-term and due for a satisfactory corrective bounce very soon. The first resistance was seen on Tuesday at $1,843.50 and then at $1,850.00. The Associate VP, Praveen Singh, has said, ”The US CPI inflation data (August) showed that the US core CPI inflation m-o-m rose 0.30% Vs the forecast of 0.20%, thus registering the first increase in six months, whereas the headline CPI inflation y-o-y was up 3.70% as against the forecast of 3.60%.” He further said, “However, a 0.60% rise in m-o-m reading, led by gasoline, rent, new cars and shelter, amounts to near 8% inflation on a y-o-y basis, which is uncomfortably high. The CPI reading has risen for two straight months on a y-o-y basis.”

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