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India has a love-hate relationship with gold. Indians love gold. Indian policymakers hate that they love it.
An estimated 24,000 tonnes of gold lies unused with Indian households and religious institutions, according to a 2018 report by the NITI Aayog. From time to time, efforts have been made to bring this gold into the productive economy — from gold monetisation schemes to gold bonds and now the gold stock exchange.
The gold (yellow metal) has clearly broken the resistance of the channel down pattern. It occurred in a sharp four hour jump, which also passed the resistance of the 55, 100 and 200-hour simple moving averages. Eventually, the metal’s price was stopped by the 1,765.00 level’s resistance.
Gold price has regained poise and looks to take on the key resistance & target at $1765—$1,778, which is the convergence of the previous day’s high and Fibonacci 38.2% one-month.
Silver MCX Today: Silver yesterday settled up by 2.11% at 59617 as the number of Americans filing new claims for jobless benefits rose further last week amid another increase in California, but the labor market recovery remains intact, with unemployment rolls steadily shrinking in mid-September.
Gold (Yellow Metal) reversed an early North American session dip closer to multi-week lows and shot back above the $1,741 level in the last hour, albeit lacked follow-through. The uptick was exclusively sponsored by the softer US dollar, which tends to benefit the dollar-denominated commodity.
डॉलर की बढ़त के साथ चांदी की गिरावट एक साल से अधिक समय में सबसे निचले स्तर पर पहुंच गई। सोना एक महीने से ज्यादा के निचले स्तर पर आ गया है।
नवंबर के बाद सोना में गिरावट: Powell also downplayed the inflationary risk. He acknowledged that inflation has stayed at a high level for longer than the Fed expected, but, at the same time, he reiterated the Fed’s view of the transitory nature of elevated inflation: