Gold stays mildly supported

Published on Jun 12, 2023 14:32

Gold futures recovered in the mid Asia session turning around from losses of more than $7 in early morning trades today. All the eyes are set on interest rate decisions from US, Eurozone, China and Japan later this week.

International gold futures front month contract was latest seen trading at $ 1978.6, up marginally on the day. The metal is likely to face resistance near $1990 levels and find a support near $1770 levels. Domestic gold futures for August delivery also inched up and were last seen trading at Rs 59865, up Rs 44 per 10 grams.

Weakness in greenback helped add gains to the yellow metal. The dollar index that measures the greenback against a basket of currencies was seen trading at 103.30, down 0.23% after rising to as high as 103.69 earlier today.

The yellow metal and dollar can find further triggers in US CPI, Redbook, and producer price inflation on June 12-13. On June 14, the focus shifts to the Fed`s interest rate decision, FOMC economic projections, and a press conference. Additionally, retail sales, jobless claims, and industrial production are due on June 14, while the Michigan Consumer Sentiment index will be released on June 16.