Due to concerns over Covid-19 in China slowing down the expansion of the world economy, precious metal prices stayed stable at their current levels. Since a few days ago, the US benchmark Treasury yield and the dollar, which measure a basket of six major currencies, have been in a corrective phase. The yields on US 10-year bonds have fallen below 3.7%. Members of the US Federal Reserve hinted at a less aggressive monetary policy for a future meeting in order to encourage the rising economies that drive up the price of gold. The interest rate in the USA is currently 4%, compared to a year ago when it was almost nil. While the inflation rate has decreased to 7.7% from the 40-year high of 9.1%, a negligible decrease, the interest rate is running at higher levels as a result of the current economic condition, heightening the concern of a recession.
On the other hand, China, the world's biggest producer and consumer of industrial metals is having difficulties as a result of the steps taken to reduce Covid-19 instances. Base metals and crude oil prices are being pressured by China's dampened demand, while the Russia-Ukraine war has caused a supply shortage of oil and gas in Europe. The leading central banks' stimulus programs during the pandemic and the Russia-Ukraine war caused inflation to increase, reaching levels not seen in 42 years. The US dollar index has already lost 8% of its 22-year peak. However, emerging market currencies like those of India are strengthening. While the prices of crude oil and industrial metals may continue to decline owing to the current circumstances, the outlook for precious metals is favorable for the upcoming six months.
Technically, gold prices are lingering over 52000 levels; if they maintain these levels, a strong uptrend toward 58000 levels may be witnessed in the upcoming months. Important support for gold is at 50000, while resistance is at 56000. Support for silver is at 58000, while resistance is at 66000.
Swastika Investmart Ltd. Group : Registered with
SEBI Reg. No. : NSE/BSE/MSEI/MCX/NCDEX: INZ000192732
Merchant Banking : INM000012102
Investment Adviser: INA000009843
CDSL/NSDL : IN-DP-115-2015
RBI Reg. No. : B-03-00174
IRDA Reg. No. : 713
NCDEX : 00844
Online Dispute Resolution : ODR
Issued in the interest of investors: Prevent Unauthorised transactions in your trading and Demat account. Update your mobile numbers/email IDs with Swastika Investmart Ltd.. Receive alerts and information of all debit and other important transactions in your trading and Demat account directly from Exchange/Depository on your mobile/email at the end of the day. KYC is a onetime exercise while dealing in securities markets. Once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary. For any grievances or queries related to Swastika Investmart Ltd., please drop an email at compliance@swastika.co.in. To see the investor charter : NSDL- https://nsdl.co.in/publications/investor_charter.php, CDSL- https://www.cdslindia.com/Investors/InvestorCharter.html. You can also register your complaint with NSE - www. nse-investorhelpline.com/NICE PLUS, BSE - is@bseindia.com, MCX - grievance@mcxindia.com, NCDEX - ig@ncdex.com, SEBI - scores.gov.in/scores/Welcome.html. Benefits of SEBI SCORES - effective communication, speedy redressal of the grievances.“Attention Investors
.......... Issued in the interest of Investors"
Note: Standard warning- “Investment in securities market are subject to market risks, read all the related documents carefully before investing"
RISK DISCLOSURES ON DERIVATIVES.
Source: SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.
Free market recommendation on our official telegram channel
Just Select & Click as per your requirement :-