Price Action Suggests Dovish Outlook from Fed on Wednesday

15 Septembre, 2020, 16:23 | Auteur: Auguste Feret
  • Price Action Suggests Dovish Outlook from Fed on Wednesday

On the MCX, gold for October delivery rose another 0.45% or 233 points to Rs. 51920. Also, silver inched higher by 0.78% or Rs. 538 to Rs. 69503 per kg.

Gold rose to its highest in almost two weeks on Tuesday, propelled by a softer dollar and expectations the U.S. Federal Reserve will reinforce its accommodative monetary policy.

In global markets, gold prices remained flat today after a sharp rise in the previous session.

Jeffrey Halley, a senior market analyst at OANDA, stated, "Gold has well-denoted support between $1,900 and $1,920 an ounce, with trend line resistance at $1,970". Gold traders are looking for more clues on on stimulus measures and inflation targeting. "Mixed activity in ETF (exchange traded fund) flows also shows lack of direction in the market", said Ravindra Rao, VP-head commodity research, Kotak Securities.

"Additionally choppy trade may also be witnessed due to positioning for central bank meetings this week which may impact currency movement".

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Market participants now await the US Fed's two-day policy event which ends on Wednesday, its first such meeting since chairman Jerome Powell unveiled a policy shift towards greater tolerance of inflation, effectively pledging to keep interest rates low for longer.

The US dollar index - which gauges the greenback against six currencies - declined as much as 0.29 per cent during the session.

Further, the price of silver too increased by 0.4% to $26.84 per ounce, while the cost of platinum jumped too 1.6% to $939.58. "However, the general bias may be on the upside as USA dollar could remain under pressure ahead of Fed meeting later this week", Kotak Securities added.

British Prime Minister Boris Johnson lashed out at the European Union on Monday as he won initial approval for a plan to breach the Brexit treaty.

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