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Below is the Views On gold commentary by Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services.
“Gold prices fell further and were on track to post their biggest weekly drop in nearly seven years, as a rout in global equities forced investors to cover margin calls. A significant sell-off in equities would place further pressure on gold as investors would liquidate positions to meet margin calls. Panic has forced market to liquidate and sit on cash hence giving support to dollar. There is a lot of panic in the market and even safe haven assets are getting ditched to cover losses in the wipeout. Broader trend on Comex could be $1,570-1,610 and on domestic front prices could hover in the range of ₹41,300- ₹42,200.”
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