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Published on 12/08/2020 3:39:30 PM | Source: Motilal Oswal Financial Services Ltd

Gold and silver prices are witnessing huge swings as equities by Navneet Damani, Motilal Oswal Financial Services

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Below is the Views On Gold and silver prices are witnessing huge swings as equities by Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

“Gold and silver prices are witnessing huge swings as equities back in vogue, rebound witnessed in US yields from the lows, positive US economic data, stronger dollar are some the reasons which contributed in the bullion's steep fall in the yesterday’s session. Apart from all this, market participants also cheered as Russia became the first country to announce a Covid-19 vaccine, even though phase 3 trials are going on but the results look quite promising. Just the announcement created an optimistic environment in the market. With all this, concerns of US-China tussle, rapid increase in virus, other uncertainties still hover in the market, supporting the bullish story from a medium term perspective. Market participants will keep an eye on the industrial production data and inflation data from major economies; which if reported better than expectations, it could give further volatility to the metals. SPDR  holdings fell 0.3% to 1,257.93 tonnes on Tuesday. Broader trend on COMEX could be in the range of $1920-1970 and on domestic front prices could hover in the range of Rs 51,500- 53,500.”

 

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