Spot Gold Price Forecast: The combination of diverging forces held back traders from placing aggressive bets and led to subdued price moves for the third successive day on Monday. Nevertheless, the bias still seems tilted in favour of bearish traders as the focus now shifts to the latest US consumer inflation figures, due on Wednesday. Apart from this, the US monthly Retail Sales data and Prelim Michigan Consumer Sentiment on Friday will influence the USD price dynamics. Traders will further take cues from the broader market risk sentiment to grab short-term opportunities around gold.
Commodities
Commodities Slump Is Set to Give India Relief From Inflation
India’s policy makers and consumers will be cheering a steep slump in commodities, especially palm oil, which could bring about a few months of “surprisingly low” food inflation.
Crude Oil Near $60 on Demand Worries Before OPEC+ Meeting
Crude Oil held losses in early Asian trading amid concern over near-term demand and dollar strength ahead of a closely watched OPEC+ meeting this week at which the group will decide on output policy.
JPMorgan Says Commodities May Have Just Begun a New Supercycle
JPMorgan Says Commodities : With agricultural prices soaring, metal prices hitting the highest in years and oil well above $50 a barrel, JPMorgan Chase & Co. is calling it: Commodities appear to have begun a new supercycle of years-long gains.
Gold Market Investors Waited for U.S. Stimulus Package
Gold Market Investors : Gold prices were steady on Friday as investors waited for developments around a U.S. stimulus package, although the metal was on course to post a weekly and monthly decline hurt by a stronger dollar.
Gold Could Post Additional Losses With a Daily Close Below $1,840
The XAU/USD (Gold) pair started the new year on a firm footing and rose more than 2% on the first trading day of 2021. The pairpreserved its bullishmomentum during the first half of the week and touched its highest level in nearly two months at $1,959 on Wednesday.
Gold Price Today: Yellow metal gains Rs 239, Silver Rises by Rs 845 – GSR
Gold prices rose by Rs 239 to Rs 49,058 per 10 gram in the national capital gained on Friday amid recovery in international prices of the precious metal.