Gold Silver Reports — Gold Silver Trand Sideways Path — Bullion counter may trade on sideways path with weak bias as movement of greenback and fear of interest rate hike next month will keep prices under pressure.
Gold can move in range of 31100-31555 while silver can move in range of 43700-49900 in near term. Gold prices slid on Monday and hit a two-week low as upbeat comments from Federal Reserve officials on the U.S. economy boosted expectations that the central bank could lift interest rates sooner rather than later.
The Fed’s No.2 policymaker, Stanley Fischer, said on Sunday the central bank is close to hitting targets for full employment and 2 percent inflation. That followed comments last week from New York Fed President William Dudley that the labour market is improving, and from San Francisco Fed chief John Williams that waiting too long to lift rates could be costly for the economy. Gold is highly sensitive to rising U.S. interest rates, which boost the opportunity cost of holding non-yielding gold, while lifting the dollar, in which it is priced. — Neal Bhai Reports