Gold Price Today, 27 April- Gold gains, dollar softens as traders eye US Fed, economic data for rate hike cues
时间:2024-06-16 05:57:21 阅读(143)
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading in the positive on Thursday, while the silver rate is up 0.77%. On Multi Commodity Exchange, gold June futures were trading at Rs 60,102 per 10 grams, up Rs 209 or 0.35%. Silver May futures were trading higher by Rs 580 at Rs 75,565 per kg on MCX.
Globally, the yellow metal rose on Thursday on a softer dollar, while investors braced for a host of U.S. economic data ahead of a crucial Federal Reserve’s policy meeting next week. Spot gold rose 0.4% to $1,996.50 per ounce by 0230 GMT, while U.S. gold futures climbed 0.5% to $2,005.20.
“Focus is now on U.S. first quarter GDP data due later in the day, which is expected to show that growth cooled after a stronger-than-expected fourth quarter; and also on US inflation data. The data comes ahead of a Fed meeting next week, where the central bank is widely expected to hike interest rates by 25 basis points. Broader trend on COMEX could be in the range of $1985-2015 and on domestic front prices could hover in the range of Rs 59,800-60,400,” said Manav Modi, MOFSL.
Gold ends lower on Wednesday“Gold and silver ended slightly lower on Wednesday as U.S. bond yields recovered with the focus shifting to upcoming economic data and fresh worries surrounding the U.S. banking turmoil. The U.S. consumer durable goods and core durable goods orders data released on Wednesday was also better than expected and increased the possibility of Fed rate hikes which capped gains of precious metals. However, traders are now focussed on U.S. quarterly gross domestic product data due later today, followed by the core personal consumption expenditures index on Friday, the Fed’s preferred inflation gauge.
“Gold has support at $1980-1965 while resistance is at $2005-2015. Silver has support at $24.80-24.58, while resistance is at $25.20-25.32. In INR terms gold has support at Rs 59,740-59,550, while resistance is at Rs 60,320, 60,510. Silver has support at Rs73,480-73,050, while resistance is at Rs74,650–75,030,” said Rahul Kalantri, VP Commodities, Mehta Equities.
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Retail inflation in milk was reported at 8.85% in May 2023. The milk inflation has remained elevated at over 6% since August 2022. Despite India being the largest milk producer since 1998, the commodity has been the second biggest factor after cereals such as rice and wheat in driving up retail inflation in the last fiscal.
Milk has the second highest weight in the food and beverages basket of the consumer price index at 6.61%, a notch lower than cereals and products with a 9.67% weight. Organised players, including Mother Dairy and Amul, hiked prices multiple times in the last one year citing higher fodder cost, robust demand and some impact due to reports of lumpy skin disease.
Industry sources said feed cost, which has a share of more than 65% in the cost of production of milk, has increased to Rs 20/kg from Rs 8 a year ago. The finance ministry in April had attributed the elevated milk inflation to a demand supply mismatch and said it could be one of the factors apart from volatile international crude oil prices and constrained supplies of milk would influence the country’s inflation trajectory.
“Milk production has been impacted by a lumpy skin disease infecting millions of cattle in late 2022,” the ministry said in the monthly economic review, adding that the vaccination drive against the disease is expected to curb the spread and immune the cattle against the skin disease.
According to official data, currently India is the world’s largest milk producer, and has a share of 23% in global milk production. For the first time in decades, the country’s milk production is likely to have stagnated in 2022-23 due to Lumpy Skin Disease in cattle across several states and the lagged effect of Covid-19 in the form of stunting of the animals, a senior official with department of animal husbandry and dairying recently had stated. The milk production was estimated at 221 million tonne in 2021-22.
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