There is a slight increase in gold prices before the release of the Fed’s minutes. But due to the fall in demand due to Corona, pressure is being seen on the prices of silver. On the other hand, the prices of turmeric have crossed 10300 on NCDEX.
First of all let’s talk about non-agri commodity. After the decision of OPEC+, crude prices have come to a boil. OPEC+ expects demand to pick up. The price of crude oil has crossed $80. Prices have jumped after OPEC+ meeting. Brent opened above $80 for the first time in January. Today Brent has touched the level of $80.25. Brent had crossed $80 on Tuesday as well. WTI is above $77 for the second consecutive day in January. In January, the price of crude on MCX is above Rs 5700 for the second consecutive day. Crude has put a high of Rs 5738 on MCX today.
What are the reasons for the acceleration? Looking at this, OPEC + remains intact on the decision to increase production in February. In February, it has been decided to increase production by 4 lakh barrels per day. PEC+ expects crude demand to increase further. Investors fear that production may not meet the demand. Russia failed to ramp up production last month. Libya will not be able to increase production even this week. Reserves are closed due to repairs in Libya. Russia-Ukraine crisis, Iran nuclear deal, Omicron cases and Corona sanctions can be seen to affect the price of crude.
Gold shines, silver fades, there is a slight rise in the prices of gold. Gold is trading above $1800 on COMEX. On Tuesday, gold went below $1800. Its prices have risen before the release of the USFED minutes. Minutes of the USFED meeting will be released today. USFED may raise rates 2-3 times in 2022.
Gold is seen near 48000 on MCX. There is little pressure in silver prices on COMEX. Silver prices are under pressure due to lack of demand. Gold is getting support in the US bond yield. Investors have increased confidence in gold. Hedging in gold against inflation has returned. Omicron cases are increasing rapidly around the world. Silver prices are falling due to falling demand in China.
Gold price below 48,000, silver also fell drastically, is this a better time to invest
Talking about Agri Commodity, the price of turmeric is above Rs 10300. Turmeric is trading with a slight decline. Let us inform that on January 3, its prices had risen by 6 percent. Its prices have risen on the expectation of increase in demand and exports. Fears of a fall in production have also led to an increase in prices. The market is waiting for the new crop. Fears of lower yields this year have also pushed up prices.
What is the investment strategy in gold
Manoj Kumar Jain of Finmart Commodity Research says that there is support for MCX gold at 47770-47600. At the same time, there is a resistance at 48,150-48,280 for this. On the other hand, there is support for silver at 61,900-61,500 and resistance at 62,700-63,100. If there is any dip in Gold near Rs 47,800, buy gold with a stop loss of Rs 47,660 and target Rs 48,150.
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