Gold Weekly Update: The CFTC data showed that money managers have decreased their net long positions in gold by 9600 lots in last week. Silver prices traded lower with spot silver prices at COMEX plunged by 4.53% to $18.04 per ounce for the week. MCX Silver December futures declined by 3.91% to Rs 52637 per KG for the week. Silver prices traded down on demand worries over China economic growth and stronger dollar. The CFTC data showed that Money managers have increased their bearish silver bets by 5,425 net-short positions to 21,059 to three year high.
Hawkish U.S. Monetary Policy
Bullion prices extended weekly decline with as the greenback jumped to a new 20-year high, while Treasury yields also advanced. The growing uncertainty over hawkish U.S. monetary policy weighed on appetite for the precious metals pushing dollar up.
The Fed is committed to tackle inflation reaching 40-year highs on rising energy and food costs. Several members of the central bank recently indicated that interest rates are likely to keep increasing until inflation is substantially closer to the bank’s 2% target. The record energy prices in Europe has also supported dollar against Euro which has lowered demand for precious metals. The dollar index ended 0.67% up at 109.53 for the week while US 10 year treasury yields were at 3.19% on Monday.
Gold Silver Prices Outlook
We expect gold prices to trade sideways to down this week with COMEX spot gold resistance at $1740 per ounce and support at $1676 per ounce. At MCX, Gold October prices have near term resistance at Rs 50800 per 10 grams and support at Rs 49500 per 10 gram. COMEX Spot silver has near term resistance at $18.90 per ounce with support at $17.40 per ounce. MCX Silver December has important resistance at Rs 55000 per KG and support at Rs. 52000 per KG.
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