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Published on 3/07/2020 5:25:58 PM | Source: Motilal Oswal Financial Services Ltd

Views On Gold Commentary 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 edged lower as strong U.S. jobs data lifted investors' risk appetite, although losses were limited following surge in global cases of the novel coronavirus and lingering trade tensions between the US and China. Data released from the U.S. showed  nonfarm payrolls rose by 4.8 million jobs in June, the most since the government began keeping records in 1939. The U.S. State Department also warned top American companies to check their supply chains and ensure they are not doing business with entities linked to alleged human rights abuses against Uighurs in China's Xinjiang province. Market participants will be keeping an eye on the service PMI number expected from major economies.  Indicative of sentiment, holdings of SPDR Gold Trust rose 0.8% to 1,191.47 tonnes on Thursday. Broader trend on COMEX could be in the range of $1750-1792 and on domestic front prices could hover in the range of Rs 47,700-48,380.”

 

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