Mumbai, 23 April (CommoditiesControl): Gold and silver prices experienced a retreat, with silver hitting a three-week low below $27 per ounce, mirroring gold's decline, as safe-haven allure faded amidst eased geopolitical tensions in the Middle East. Iran's dismissal of Israel's attack prevented further escalation, leading investors to opt for riskier assets.
Furthermore, hawkish rhetoric from Federal Reserve officials lifted the dollar to approximately six-month highs, dampening demand for dollar-denominated metals like gold and silver.
With several Fed members suggesting a possible delay in tightening monetary policy due to persistent inflation and robust economic data, gold fell below $2,300 per ounce on Tuesday, marking its lowest level in nearly three weeks.
Investor sentiment shifted as hopes emerged for a de-escalation of the Iran-Israel conflict, prompting a move away from safe-haven assets towards equities. Additionally, the strength of the US dollar contributed to gold's decline, signaling reduced expectations of Fed interest rate cuts.
Traders are now awaiting the release of US GDP figures for Q1 and the March personal consumption expenditures data later in the week to gain further insight into the trajectory of monetary policy.
In the domestic market, MCX gold and silver prices witnessed declines of over 1%, with gold trading at 70447 and silver at 79780. Gold prices are hovering above the 21-day exponential moving average (EMA), while silver is currently below its 21-day EMA.
If the downtrend persists, a further decline of 1.5-2% in both metals is anticipated.
(By Commoditiescontrol Bureau; +91-9820130172)
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