“The move by the US Fed to keep the policy rates unchanged comes as no surprise on the backdrop of the recently announced US CPI inflation numbers which came out higher than expected.
This refuted the chances of an early rate cut as an immediate action. However, with the Fed hinting at three possible rate cuts by the end of the year, the yellow metal has regained some sheen and touched a new high of Rs. 66,778 in the domestic market.
This price hike will drive the attention of the investors towards gold as many will bank on the expectation of the yellow metal to breach the Rs 70,000 mark this year.
Having said that, the price trend will witness a cautious rise given the headwinds by crude prices in the near term that will pressurize the upward trajectory of gold prices, both internationally and domestically.”
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