Weekly: Spot Gold Ended The Week With Marginal Gains Of 0.3 Percent As Mixed Signs On The Stance Of The Us Federal Reserve

Weekly: Spot Gold Ended The Week With Marginal Gains Of 0.3 Percent As Mixed Signs On The Stance Of The Us Federal Reserve

  • Market News
  • Special Report
  • 2021, 28 June

Brief:

Spot Gold ended the week with marginal gains of 0.3 percent as mixed signs on the stance of the US Federal Reserve in the times ahead kept the markets cautious. The precious metal edged higher in the week gone as the US infrastructural bill pressured the Dollar.

Gold prices also found some support earlier in the week after U.S. Federal Reserve Chairman Jerome Powell stated that the rising inflation won’t be the sole factory behind any rate hike. However, soon after FED Chair’s comments eased markets concerns, few FED officials projected a period of high inflation in the world’s largest economy. Prospects of a persistent increase in price levels reignited chances of a tighter monetary policy which kept the markets cautious.

The losses for the yellow metal were capped on bets on a potential inflation as it is widely considered as a hedge against inflation. While prospects of shift in the monetary approach by the US central bank is expected to weigh on the Gold; mounting inflation concerns might keep the prices in check in the week ahead.

This week we expect gold prices to trade lower

Suggestion:

Buy above 1755 for 1915 and 1960

ELse

Sell below 1755 for 1675 and 1585

 

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