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Gold price looks set for a breakout on the higher side for a target of Rs 31,650 per 10 gm
Prices are trying to find their way up after weeks of consolidation and look set for a breakout on the higher side, where they will initially target $1,325 an ounce or Rs 31,650 per 10 gm.
Gold prices have been relatively quiet and is consolidating between $1,280 and $1,307 an ounce as the precious metal lacks clear direction amid a diverse set of fundamentals.
The gains were capped as prices absorbed the positive outcome from the crucial summit between the US and North Korea. Both leaders signed an agreement after historic talks held in Singapore.
Kim’s government has agreed to surrender its nuclear capabilities in return for some unique security guarantees by the US.
Also, the US Federal Reserve rate hike of 25bps and hawkish instance of policymakers indicating two more rate hikes in 2018 did not hurt gold prices much.
On the data front, recent data on US retail sales, import prices, and new jobless claims have all been encouraging. All of these point towards improving economic conditions in the US, and have led to a revival in the dollar, yet again capping the gains in the yellow metal.
However, the argument on the positive side is the escalating worries over trade tensions between the US and China, eliciting safe-haven demand for the metal.
Trade fears have again come to the fore as Trump’s administration has announced tariffs on $50 billion of Chinese goods. Trump’s policies bring about a lot of uncertainty as he embraces trade conflict and this turns investors across the globe towards gold.
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