Lok Sabha elections 2024: How gold prices will be impacted — experts weigh in
OMCs to hold petrol, diesel prices in Q1FY25; dismal earnings eyed over revised margins: Kotak's Sumit PokharnaKalantri further added, “Elections impact first appear in the currency market, consequently influencing the prices of commodities as a secondary outcome."On Wednesday, gold prices in New Delhi dipped by ₹80 to reach ₹72,820 per 10 grams on Wednesday, following the downward trend globally, as reported by HDFC Securities. In the previous session, the precious metal had closed at ₹72,900 per 10 grams.“Gold traded slightly weak today, hovering around ₹71,870 before the start of the evening session, within a minor range.
The price is expected to be volatile this week with major data releases lined up, including nonfarm employment data today. Additionally, Nonfarm Payroll and Unemployment data are due later this week.
The primary focus remains on the Fed's policy decision on June 12th, but this week's data will collectively inform the Fed's decisions. In the near term, Gold prices are likely to range between ₹71,000 and ₹72,500, with profit booking expected on rises," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.Globally, the price of the precious metal rose on Wednesday as bond yields declined following weaker-than-anticipated U.S.
private payrolls data, strengthening the belief that the Federal Reserve might reduce interest rates later this year.Also read: Gold and silver prices today on 05-06-2024: Check latest rates in your cityAt 1449 GMT, spot gold climbed by 0.8% to $2,346.99 per ounce, rebounding from a 1% drop in the preceding session. U.S.
gold futures also increased by 0.8% to $2,367.20.Following data indicating a smaller-than-expected increase in U.S. private payrolls
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