Just keeping hand on the market nerve, Colin Shah, MD, Kama Jewelry suggested on Gold Outlook ahead of US inflation data! He said, Gold prices inched up on MCX today (Week end day) touching Rs. 66,830. With the outcome of last US Inflation number and the latest inflation reading expected this week, gold price is witnessing a positive rally.
Triggered by the Fed signalling a rate cut, we are witnessing the ripple effect in the gold prices early on. While the movement is marginal, a prominent range will firm up post the announcement of US Inflation numbers.
Gold has continuously been the fond asset class for central-banking and safe-haven investment avenue since a higher reading will push gold prices as this precious metal is considered a hedge against inflation. The upcoming data is crucial as it will be a deciding factor for rate cuts for the US Fed.
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