Gold futures slip ₹914 as dollar firms, Fed signals weigh
Gold futures on MCX reversed early gains to close ₹914 lower at ₹1,52,180 per 10g as a stronger dollar and hawkish Fed comments pressured prices. Comex gold also declined.
Gold Market
Summaries produced by the GoldRate.info market desk from primary reporting, with sources linked on every article.
Gold futures on MCX reversed early gains to close ₹914 lower at ₹1,52,180 per 10g as a stronger dollar and hawkish Fed comments pressured prices. Comex gold also declined.
Iran has proposed reopening the Strait of Hormuz if the US eases military pressure. Analysts say this could lower oil prices and support gold, affecting Indian markets.
Gold holds key support at $4,100 and eyes new highs above $5,200. Silver needs to break $106. Global interest rate hikes and record diesel prices add pressure to stocks.
Gold edged below $4,350 on Tuesday as the Federal Reserve's hawkish stance countered a decline in US bond yields. The metal's downside appears limited amid geopolitical tensions and mixed technical signals.
An Elliott Wave analyst has revised his counts for the stock market, crude oil, and gold, pointing to a retracement in equities and further upside in oil.
Investments into physically backed gold ETFs remained positive for the ninth week running, led by US inflows of $2.21 billion. Total inflows reached $4.24 billion.
Gold fell over 0.6% on Monday after last week's Federal Reserve rate hike. The US Dollar Index rose 0.2% to 100.42, capping the metal despite lower Treasury yields.
Global gold-backed ETFs extended their buying streak to eight consecutive days in August, with $18 billion in inflows pushing total holdings to a new all-time high.
CTAs have reversed recent gold buying, but discretionary investors are providing support, according to TD Securities. The bank expects any near-term weakness to be limited and to offer buying opportunities.