Gold Price Forecast: Gold attracts fresh buying near the $1,658 support area on Wednesday and snaps a five-day losing streak to over a one-week low. The gold (Yellow Metal) holds on to its modest intraday gains, around the $1,672 region through the first half of the European session, though the uptick lacks bullish conviction.
The US dollar consolidates its recent gains recorded over the past five trading sessions as investors look to the FOMC meeting minutes for a fresh impetus. The subdued USD price action offers some support to the dollar-denominated gold. That said, hawkish Fed expectations continue to act as a tailwind for the greenback and keep a lid on any meaningful upside for the non-yielding yellow metal.
The markets seem convinced that the US central bank will stick to its aggressive policy tightening path to tame inflation and have been pricing in another supersized 75 bps rate hike in November. This remains supportive of elevated US Treasury bond yields and favours the USD bulls. Apart from this, a generally positive risk tone contributes to keeping a lid on the safe-haven yellow metal.
Market participants also seem reluctant and prefer to move to the sidelines ahead of the FOMC minutes, which will be looked upon for clues about future rate hikes. The focus will then turn to the US consumer inflation on Thursday, which is expected to remain stubbornly high. This will reinforce the Fed’s hawkish rhetoric and suggest that the path of least resistance for gold is down.
Hence, any subsequent move up could be seen as a selling opportunity and runs the risk of fizzling out rather quickly. Bearish traders, however, might wait for sustained weakness below the $1,658 area before placing fresh bets. In the absence of any major market-moving economic releases from the US, the USD price dynamics and the broader market risk sentiment will be looked upon for some impetus.
अमेरिकी प्रथम श्रेणी की घटनाओं के बीच अमेरिकी डॉलर का लाभ अब तक सीमित रहा है। फेड की एफओएमसी मिनट्स रिलीज के बाद, अमेरिका गुरुवार को अद्यतन मुद्रास्फीति के आंकड़े और शुक्रवार को खुदरा बिक्री प्रकाशित करेगा। फेड के संबंध में, इस बुधवार के लिए कोई आश्चर्य की उम्मीद नहीं है, क्योंकि अमेरिकी नीति निर्माताओं ने विज्ञापन थकावट को दोहराया है कि वे मुद्रास्फीति पर ध्यान केंद्रित करेंगे और दर वृद्धि की वर्तमान गति पर्याप्त बनी हुई है। यदि कुछ है, तो दस्तावेज़ निराशाजनक मनोदशा को बढ़ा सकता है।
हाजिर सोना 1,668 डॉलर प्रति ट्रॉय औंस के आसपास कारोबार कर रहा था, जो लगातार दूसरे दिन अपरिवर्तित रहा। विभिन्न मोर्चों से आने वाली झटकों के बावजूद, बाजार के खिलाड़ी रुके हुए हैं क्योंकि अमेरिकी फेडरल रिजर्व दोपहर के मध्य में एफओएमसी मीटिंग मिनट्स जारी करेगा।