General Insights on Gold for Current Week

Happy Morning,

As indicated last week Gold price has been volatile and travelled both directions. Gold price has touched a new High last week where the profit booking has started and closed the week near to 2400 levels after reaching week low at 2396.

?

In line with the news this week Joe Biden has dropped the US Presidential bid and endorsed Kamala Harris as the Democratic candidate for President. We need to wait and see if she gets the support from the remaining Party. But as of now it would be a cake walk for Donald Trump.

If everything goes well, we will be very happy and proud to see that a Lady with roots from INDIA would be contesting as President of United States.

As the US futures Indices have opened a bit higher we need to wait and see for the impact of the news on Markets this week.

?

Factors expected to influence the Gold prices this week:

1. INDIA Budget

2. Canada Monetary Policy

3. Flash Services PMI of US, France and Germany

?

As the markets open this week, we need to keep focused on the Budget Speech for some new updates regarding Gold Import. As the Indian market has been under discount for quite a few months considering the imports of Gold in various forms using the Loop Holes in the Government Notifications and Circulars, we need to wait and see if there will be a road block for the same in the Budget speech. As per my opinion this week too there might be volatility in Gold prices this week with same levels of supports at $2400, $2380 and $2359 and resistance at $2422 and $2440.

?

There might be change in the Import Duty of Gold and Silver only if some changes are indicated in the Budget Speech.