13 C
New York
Wednesday, April 21, 2021

Gold and silver trade flat ahead of Powell’s speech

Must read

Netflix Falls Short, Soccer Fiasco, Oil Stockpiles – What’s Moving Markets

(C) Reuters. By Geoffrey Smith Investing.com -- Netflix (NASDAQ:NFLX) signaled a sharp slowdown in subscriber growth, casting doubt over the growth narratives of other...

Analysis-Chile’s COVID-19 vaccine drive shifts to second doses over protection, supply concerns

2/2 (C) Reuters. FILE PHOTO: Vaccination campaign against the coronavirus disease (COVID-19) in Chile 2/2 By Aislinn Laing SANTIAGO (Reuters) - Chile is shifting its COVID-19 vaccination...

The Crypto Market Dip: A Hard Weekend Shakedown

Cryptocurrency13 minutes ago (Apr 21, 2021 06:30AM ET) The Crypto Market Dip: A Hard Weekend Shakedown A major crash over the weekend has seen the value...

Twitter becomes platform of hope amid the despair of India’s COVID crisis

World13 minutes ago (Apr 21, 2021 06:30AM ET) 2/2 (C) Reuters. Spread of the coronavirus disease (COVID-19) in New Delhi 2/2 By Devjyot Ghoshal and Aditya Kalra NEW...

KOLKATA: Domestic gold and silver prices were trading flat this Thursday morning ahead of the Federal Reserve chair Jerome Powell‘s speech this evening at the Jackson Hole Economic Symposium.

October gold on Multi Commodity Exchange (MCX) opened at Rs 51,601 per 10 gm, touched a high of Rs 51,799 gm and was trading at Rs 51,530 per 10 gm at around 12.30 pm.

MCX September silver opened at Rs 66,709 per kg, touched a high of Rs 67,794 and a low of Rs 66,600 in early trade. At around 12.30 pm, it was trading at Rs 67,300 per kg.

Commenting on the bullion price trend Navneet Damani, vice president (commodities research) at Motilal Oswal Financial Services said “Gold prices held steady after rising almost 1% in the previous session on a weaker US dollar, as investors await speech from Jerome Powell which is scheduled later in the day. Mixed actions and statements from both US and Chinese officials have made market participants anxious.”

“Powell is expected to provide more insight on the US central bank’s strategy on inflation and monetary policy. Also US Q2 GDP and weekly jobless claims are scheduled on the calendar today; better than expected numbers could keep pressure on the metal,” Damani said.

Tapan Patel, senior analyst (commodities) at HDFC Securities said that bullion prices are trading under pressure backed by positive Chinese industrial profit data and US durable goods orders. “Gold and silver prices are expected to trade sideways to up for the day over rising geopolitical tensions while the market may see some volatility on US FED chairman’s speech at Jackson Hole symposium. MCX Gold October may find support at Rs 51,200 per 10 gm while silver September has important support at Rs 65,000 per kg.”

“Upside remained limited after upbeat durable goods orders showed signs that the US is showing momentum in its economic recovery from Covid-19. Downside was limited as US-China tensions simmered after media reports revealed that China fired four missiles into the disputed South China sea on Wednesday,” said Sriram Iyer, senior research analyst at Reliance Securities

Also US dollar was trading marginally lower this Thursday morning trade and capped downside.

Anuj Gupta, deputy vice president (commodities and currencies Research), Angel Broking said that market is expecting some dovish speech from Powell which may be negative for the dollar. So gold and silver prices may increase before the Jackson Hole Economic Symposium.”

However, Hareesh V, head of commodity research at Geojit Financial feels that gold will continue to trade clueless today. “But major weakness is unlikely due to the increased safe haven demand of the metal.”

- Advertisement -

Latest article

Netflix Falls Short, Soccer Fiasco, Oil Stockpiles – What’s Moving Markets

(C) Reuters. By Geoffrey Smith Investing.com -- Netflix (NASDAQ:NFLX) signaled a sharp slowdown in subscriber growth, casting doubt over the growth narratives of other...

Analysis-Chile’s COVID-19 vaccine drive shifts to second doses over protection, supply concerns

2/2 (C) Reuters. FILE PHOTO: Vaccination campaign against the coronavirus disease (COVID-19) in Chile 2/2 By Aislinn Laing SANTIAGO (Reuters) - Chile is shifting its COVID-19 vaccination...

The Crypto Market Dip: A Hard Weekend Shakedown

Cryptocurrency13 minutes ago (Apr 21, 2021 06:30AM ET) The Crypto Market Dip: A Hard Weekend Shakedown A major crash over the weekend has seen the value...

Twitter becomes platform of hope amid the despair of India’s COVID crisis

World13 minutes ago (Apr 21, 2021 06:30AM ET) 2/2 (C) Reuters. Spread of the coronavirus disease (COVID-19) in New Delhi 2/2 By Devjyot Ghoshal and Aditya Kalra NEW...

Auto retailer Lithia Motors profit beats on strong demand, higher prices

Stock Markets14 minutes ago (Apr 21, 2021 06:30AM ET) (C) Reuters. (Reuters) -Lithia Motors Inc topped Wall Street estimates for first-quarter profit on Wednesday as...