Gold Weekly Trading Levels [21 October 2024]

Spot Gold Holds Above $2,490

Spot Gold held steady above $2,490 per ounce on Wednesday, after retreating in previous sessions, as investors assessed new economic data and its impact on the Federal Reserve’s interest rate outlook.

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MCX Gold Tips: Buy Gold Above 76000 Target 76520——76740

Gold may extend bearish below $1927

Gold price is trading on the back foot below $1,950 early Tuesday, although remains within Friday’s trading range. The United States Dollar (USD) has entered a phase of bullish consolidation amid higher US Treasury bond yields and ahead of mid-tier US economic data.

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Gold Price Prediction

MCX Gold Price to Trade Sideways, Trading Zone 49900 To 51300

MCX Gold Price to Trade Sideways: MCX Bullion prices ended higher, reporting the first weekly gain in the last four weeks supported by dollar decline and safe haven buying. The traders and investors weighed on the dollar dragging down from 20 year highs over inflation worries and slowdown fears.

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Gold Jumps to record high on Fed rate cut outlook

Bullion Forecast Today: Gold High 50685, Resistance Key 50800

Bullion Forecast Today: Gold prices recovered sharply from a six-week low as a worsening energy crisis in Europe drove up safe haven demand. Metal price also witnessed gains, after U.S. data showed moderate wage growth in August and a rise in unemployment rate to 3.7% suggested the labour market was starting to loosen.

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बजट 2024: वित्त मंत्री निर्मला सीतारमण ने सोने और चांदी पर कस्टम ड्यूटी घटाकर 6% करने की घोषणा की

Gold Price Forecast: Keep Eyes on $1,707 and $1,692

Gold (Yellow Metal) exposed to additional downside risks: “The critical ADP Employment Change report will be published after a two-month break, potentially driving the next leg higher in the buck. An upside surprise in the ADP numbers cannot be ruled out, given the lower estimates at +200K in August. Gold’s next price direction remains south against a backdrop of higher rates and upbeat US data.”  

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