Gold inches down on
steady dollar,Fed rate hike remains on cards
Gold edged lower early on Monday as the dollar
strengthened after hawkish comments from Federal Reserve Chair Janet Yellen
left the door open for a US interest hike as early as next month.
Commodity Tips FUNDAMENTALS
- Spot gold had dipped 0.33 percent to USD 1,316.46 per ounce at 0120 GMT. The metal closed last week down 1.5 percent.
- US gold futures fell 0.48 percent to USD 1,319.60.
- Gold is highly-sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.
MCX SUPPORT & RESISTANCE LEVEL
GOLD JUNE FUTURE
R2–31642,
R1 -31470,
S1-30970,
S2-30670,
SILVER JULY FUTURE
R2 –45880,
R1- 45112,
S1-43412,
S2-43014,
CRUDE OIL JUNE FUTURE
R2 –3270,
R1-3200.
S1-3100,
S2-3050,
COPPER JUNE FUTURE
R2 –324,
R1-319,
S1-304,
S2-299.
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