Gold Slips as Dollar Gains Momentum

Published on Jun 19, 2023 15:50

Gold futures were trading lower in the mid electronic trades today as dollar firmed up after losing more than 1% last week after US kept the rates unchanged. However the trading range was quite narrow range following as the metal being supported by losses in equities and gains in US dollar. The dollar slightly rose on Monday as investors reviewed central bank actions and awaited the Bank of England`s decision. The dollar index edged up 0.28% to 102.12 near its one-month low of 102.00. US markets were closed for a holiday today.

International bullion futures were last seen trading at $ 1962.70 down $8.5 an ounce. The metal had fallen to as low as $1936 levels last week, losing marginally over the week. The metal should find some support near $1955 levels.

August delivery gold future were seen trading down my more than Rs 200 at Rs 59513 per 10 grams. The metal should continue to find support near Rs 59300 levels in today’s session. Over the week the contract lost 0.8%, the losses were more intense as compared to international gold following gains in the Indian Rupee last week.

On encomic data front this week, includes various Fed speeches. RBA meeting minutes and US Fed`s Bullard speech on Tuesday, BOJ minutes, UK CPI, and Canada retail sales on Wednesday. Thursday features the BOE interest rate decision and speeches by the US Federal Reserve`s Goolsbee, Mester, and Powell. On Friday, Japan`s inflation data, UK retail sales, and speeches by the Federal Reserve`s Bullard and Bostic will take place. These events will have an impact on market sentiment and provide insights into economic developments and policy decisions.