Gold Up But Stays In Tight Ranges

Published on Jun 16, 2023 16:21

Gold futures inched up in the mid Asian session today triggered by bargain buying in the metal following yesterday`s fall to near $1936 levels- its lowest price since 24th March.

However, overall tight moves were seen in the markets today on lack of triggers and cues on data front. Yen was seen trading slightly lower following the BOJ rate decision. The Bank of Japan decided to maintain its ultra-easy monetary policy despite stronger-than-expected inflation. BOJ also reaffirmed its commitment to sustain massive stimulus and ensure the country achieves its 2% inflation target along with wage hikes.

COMEX gold contract was recently seen trading at $ 1976 up $6.10 per ounce whereas the domestic counter was seen trading at Rs 59495 up Rs 140 per 10 grams. A move above Rs 59600 may trigger further up move in the metal today.