Published on 1/07/2020 3:43:05 PM | Source: Motilal Oswal Financial Services Ltd

Gold has hit an all-time high by Mr. Navneet Damani, Motilal Oswal

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Below is the Views On Gold Commentary by Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

“Gold surged to its highest in nearly 8 years on Tuesday as mounting fears of a resurgence of new coronavirus cases kept safe-haven demand for gold alive, setting the precious metal on path for its biggest quarterly gain since March 2016. Positive US consumer confidence number also could not dampen gold's rally. Uncertainties around regarding the Hong Kong issue, second wave of COVID-19 is increasing distress in the market hence supporting precious metal prices. U.S. Treasury Secretary Steven Mnuchin and Fed Governor Powell pledged to do more for the U.S. economy as it battles the enormous fallout from the virus outbreak. Today market participants will focus on PMI numbers from major economies globally and private payroll numbers from US which will give a hint on the situation of jobs market in the country. Broader trend on COMEX could be in the range of $1775-1805 and on domestic front prices could hover in the range of Rs 48,550-49,200.”


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