Gold (Yellow Metal) price in India dropped below Rs 46,000-mark on Tuesday. Gold price remained under pressure since last week despite an unchanged monetary policy by the US Federal Reserve.
GOLD SPOT UPDATE: GOLD TRADING ZONE $1730——$1765…… GOLD SHOW STRENGTH ABOVE $1765
GOLD IF HOLD ABOVE $1765, TARGET PRICE IS $1780——$1792
DON’T PANIC AT LOWER LEVEL…..
On the Multi-Commodity Exchange (MCX), October gold price tanked 0.24 per cent to Rs 45,960 per 10 grams at 1115 hours on September 28. Silver continued to dip on Tuesday. The precious metal price slumped 45 per cent to Rs 60,361 per kg. In the international marker gold price eased on Tuesday. Spot gold fell 0.1 per cent to $1,748.01 per ounce by 0115 GMT. US gold futures were down 0.3 per cent to $1,747.50. The 10-year US Treasury yields climbed to their highest level in three months. The dollar index was up 0.1 per cent.
US Federal Reserve officials stated that tightening of the monetary policy depends on the steady expansion in the US labor market. Investors are expected to have a keen eye on the US employment data for September 21 for more cues on the central bank’s monetary policy shift, believed analysts.
“Any positive economic data set by US is expected to increase bets towards withdrawal of the economic support by the Federal Reserve which might strengthen the dollar and weigh on the dollar priced bullions,” said Angel One Limited.
Several key officials including US Federal Reseve chairman Jerome Powell are scheduled to speak this week. US treasury secretary Janet Yellen will also testify this week. Moreover, investors will keenly follow the speeches from European Central Bank (EBC) president Christine Lagarde Bank of England (BOE) governor Andrew Bailey and Bank of Japan governor Haruhiko Kuroda for more cues on the global economy.
