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As on : 28-Jun-2023

Other Markets - Bullion Markets
28-Jun-2023 13:52

Gold Price Plummets Below $1920 Mark; Further Downside Anticipated

Gold futures dipped below $1920 per ounce during mid-Asia electronic trades today as the dollar index surpassed the 102 mark.

This decline in gold prices was influenced by positive data releases from the United States yesterday, which boosted the US dollar. Additionally, the rise in Asian equities and the strength of the US dollar index contributed to a decrease in the appeal of gold.

On data front from US yesterday, US durable goods orders rose 1.7% in May, marking the third consecutive monthly increase. The Consumer Confidence Index climbed to 109.7 in June, the highest since January 2022. Sales of new single-family houses saw a significant 12.2% jump in May. Investors are eagerly awaiting Federal Reserve Chair Jerome Powell's remarks at the ECB Forum on Central Banking for insights into future rate hikes.

International bullion futures broke to as low as 1917 an ounce in the session so far and was last seen trading at $1920, down $4 or 0.21%. The metal may see further downside towards $1900-1880 levels in near term.

MCX bullion futures for august expiry broke below the psychological Rs 58000 mark and was last seen trading at Rs 58036. The counter should find further supports in the range of Rs 57700-57300 levels in the near term.

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