Gold price today 16-0-2021: Rates to hover in the range of Rs 46,850-Rs 47,450, says Motilal Oswal

Gold price today 16-0-2021: Gold price outlook: Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said that Gold traded higher to a more than one-month peak as U.S. Treasury yields slipped despite better than expected U.S. economic data, pushing investors to bullion as a refuge against possible inflation ahead. Concerns regarding inflation are increasing ahead of massive fiscal aids and ultra-low interest rates across the globe supporting the metal.
 
Motilal Oswal says Gold prices also got a boost after the U.S. government imposed a broad array of sanctions on Russia as punishment for alleged misdeeds, including interfering in the 2020 U.S. election. After positive retail sales and weekly jobless claims market participants will keep an eye on housing data and inflationary expectation from the U.S. scheduled later in the day. Broader range on COMEX could be between $1745- 1778 and on the domestic front prices could hover in the range of Rs 46,850-Rs 47,450.
 

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CapitalVia Investment Adviser Gold prices surged higher, breaking out above resistance levels as US yields tumbled despite a stronger than expected U.S. Retail sales report. The U.S. 10-year yield dropped nearly 11-basis points once of the largest declines of the year. Downside support is $1748 levels, Resistance is at $1775 levels. MCX Gold June trading with positive momentum in the evening session and traded above 47150 levels, Downside support for the metal is 46800. Resistance for the metal is 47300