Gold commentary 28th December 2021 by Mr. Navneet Damani, Motilal Oswal Financial Services
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Below is the daily gold commentary by Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
“Gold inched higher despite an uptick in Dollar as market participants assess the impact of the Omicron variant on the economy. Asian stock markets were generally weaker with U.S. crude in holiday-thinned trading, as uncertainty over the economic impact of the Omicron variant weighed on investor sentiment. investors grew confident a global recovery would regain steam next year even though the pandemic has prompted U.S. airlines to cancel or delay thousands of flights due to staff shortages, while several cruise ships had to cancel stops after COVID-19 outbreaks aboard. Gold could remain supported at lower levels after China reported its highest daily rise in local COVID-19 cases in 21 months as infections more than doubled in the northwestern city of Xian, its latest hotspot. Broader range on COMEX could be between $1780- 1825 and on the domestic front prices could hover in the range of Rs 48,000 – 48,385.”
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