Precious Metals Preview: Gold Supported On Steady Buying

24 Mar 2022 , 08:48 AM

Gold saw good gains in last session, hitting around one week high but overall movement was sideways. The metal has rebounded from around one week low near $1910 per ounce but the prospects of aggressive US monetary tightening is keeping the overall activity under check. The Indian demand scenario is looking steady after the recent correction in spot prices though a meaningful spurt will see only if spot prices fall under Rs 50K mark. Gold was helped yesterday but comments from the US Fed Chief Jerome Powell. He noted in a speech that digital assets not governed by government regulation will probably be brought within a set of rules at some point. Powells comments weighed on Bitcoin as the digital currency fell more than 1% and triggered similar gains in Gold, pushing up the metal near $1940 per ounce mark. The counter lingers around same mark right now.

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