Gold buying range today: Expert says buy yellow metal between Rs 48248 to Rs 48792

Gold price today 25-05-2021: Kedia Securities Gold yesterday settled up by 0.31% at Rs 48553 as the dollar languished near four-month lows as bets on a robust global economic recovery continued to support currencies seen as riskier. Traders are also watching for progress on a new stimulus package in the United States, after the White House pared down its infrastructure bill to $1.7 trillion but failed to gain Senate Republican backing. Data showed a strong comeback by the services sector both in the US and Europe as businesses reopened following prolonged lockdown and benefited from a global demand recovery. The initial PMI of service industry has been expanding for 10 consecutive months, with the fastest expansion rate in history. According to the data from the US, the economic recovery in the post-pandemic period showed a strong momentum, but at the same time, investors' worries about inflation prospects continued to increase.

In order to discuss the easing policy, many regional Federal Reserve Presidents in the US put forward the idea of reducing bond purchases as soon as possible and gradually withdrawing policy easing, and the market sentiment tended to be cautious. Data due on Friday, including U.S. personal consumption and inflation figures, could move the markets to anticipate a more hawkish tone from the next Fed policy meeting on June 15-16. Technically market is under short covering as market has witnessed drop in open interest by -4.25% to settled at 5478 while prices up 149 rupees, now Gold is getting support at Rs 48400 and below same could see a test of Rs 48248 levels, and resistance is now likely to be seen at Rs 48672, a move above could see prices testing Rs 48792, says Kedia Securities.

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Gold Trading Ideas:

Gold trading range for the day is Rs 48248 - Rs 48792. Gold prices gained as the dollar languished near four-month lows as bets on a robust global economic recovery continued to support currencies seen as riskier. Traders are also watching for progress on a new stimulus package in the United States, after the White House pared down its infrastructure bill to $1.7 trillion. Data showed a strong comeback by the services sector both in the US and Europe as businesses reopened following prolonged lockdown.