Stock Market Live: Markets sideways! Nifty around 23,500; Sensex above 77,350; Nifty Midcap 100 outperforms – Market News
On Wednesday, spot gold closed steady at $2328 in an uneventful day as the US markets observed the Juneteenth holiday. Overall, trading was lacklustre. The US Dollar Index at 105.24 was also steady. The US NAHB Housing Market Index (June) came in at 43 vs. the forecast of 46, which is somewhat positive for the yellow metal.
“Total known ETF gold holdings stood at 80.855 Moz as of June 18, which is lower than the level of 80.963 Moz observed at the end of the last week. As per a report from the World Gold Council, 29% of central bank respondents intend to raise their bullion holdings in the next 12 months, which is the highest level since the survey began in 2018, which is positive for the metal in the medium to long term.
In its monetary policy decision delivered today, the People’s Bank of China kept the loan prime rate unchanged across the curve. Today’s US data include the weekly job report, housing starts (May) and the Philadelphia Fed Business Outlook Index (June),” said Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.
“Gold is expected to trade in a range-bound fashion. The short-term outlook is somewhat bearish, though further weakness in the US data would help the metal in correcting higher. Support is at $2315/$2300. Resistance is in the $2345–$2350 zone/$2367.”
