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Published on 29/10/2020 4:43:31 PM | Source: Motilal Oswal Financial Services Ltd

Gold was a little changed trading near a one-month low hit in the previous session By Navneet Damani, Motilal Oswal

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Below are Views On Gold was a little changed trading near a one-month low hit in the previous session By Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

”Gold was a little changed trading near a one-month low hit in the previous session, as fears of the economic impact from a fresh wave of the novel coronavirus in Europe kept the dollar around a one-week high. Leaders of  France and Germany ordered their countries back into lockdown, as a massive second wave of infections threatened to overwhelm Europe before the winter. Focus right now is on the US Presidential election although increasing virus numbers is again posing a threat to the global growth. Apart from the second wave concerns, President Trump's comment regarding the Corona relief bill being passed after the election put further pressure on the metal. Today market participants will keep an eye on the ECB policy meeting scheduled later today and also on the Q3 GDP data expected from the US, which could keep the volatility high. Broader trend on COMEX could be in the range of $1865- 1895 and on domestic front prices could hover in the range of Rs 50,120-50,750.”

 


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