Gold prices expected to trade sideways to down this week

Commodity fees traded decrease with the maximum of the commodities withinside the non-agro phase witnessing a decline at some point of the week with crude oil and metals falling the maximum accompanied with the aid of using bullion fees. Gold fees traded decreased with spot gold fees at COMEX falling with the aid of using 1.49% to $1712 in step with an ounce for the week. Gold October futures at MCX fell with the aid of using 1.70% to Rs 50368 in step with 10 grams at the side of a more potent rupee. The spot rupee rose with the aid of using 0.09% to 79.

The CFTC facts confirmed that cash managers have reduced their internet lengthy positions gold through 9600 masses withinside the closing week. Silver charges traded decreased with spot silver charges at COMEX plunged by 4.53% to $18.04 in keeping with an ounce for the week. MCX Silver December futures declined by 3.91% to Rs 52637 in keeping with kg for the week. The CFTC facts confirmed that Money managers have expanded their bearish silver bets through 5,425 internet-quick positions to 21,059 to 3 12 months high.

The Fed is committed to tackling 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 dollar index ended 0.67% up at 109.53 for the week while U.S 10-year treasury yields were at 3.19% on Monday.

We count on gold fees to alternate sideways to down this week with COMEX spot gold resistance at $1740 consistent with ounce and guide at $1676 consistent with ounce. At MCX, Gold October fees have close to time period resistance at Rs 50,800 consistent with 10 grams and guide at Rs 49,500 consistent with 10 grams. COMEX Spot silver has close to time period resistance at $18.ninety consistent with ounce with the guide at $17.forty consistent with ounce. MCX Silver December has vital resistance at Rs 55,000 consistent with kg and guides at Rs. 52000 consistent with kg.

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