Gold & Silver - August 23, 2022 - Reliance Securities

Posted On : 2022-08-23 19:54:11( TIMEZONE : IST )

Gold & Silver - August 23, 2022 - Reliance Securities

Mr. Sriram Iyer - Senior Research Analyst at Reliance Securities

International Gold struggled below $1750/ounce amid renewed concerns that the Fed Chair Jerome Powell could continue to reiterate that the Fed's primary focus is to cool inflation.

Looking ahead, prices could continue to remain under pressure on Wednesday morning session as the Fed will aggressively hike rates in September which could weigh on bullion.

However, Powell could also emphasize the importance of data and its impact on future rate hikes.

So, this week US is scheduled to release GDP and durable goods order, along with Fed favoured inflation gauge PCE price index.

So, markets could remain range bound and the range for domestic gold futures for the next 24 hours or so is 50,900 to 51,500.

Source : Equity Bulls


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