Gold price inched lower as traders booked profits after a strong run of gains Says Mr. Navneet Damani, Motilal Oswal Financial Services
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Below is perspective on Gold By Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
“Gold price inched lower as traders booked profits after a strong run of gains. Fears regarding global banking crisis kept safe haven demand high, however bailout measures and reports regarding First Citizens BancShares Inc possibly acquiring Silicon Valley Bank, calmed market nerves a bit. U.S. and European officials warned over the weekend that banking sector was being closely monitored for any signs of a potential credit crunch. The latest source of market concern came from Deutsche Bank, whose shares plummeted last week. Economic calendar is muted for the day w.r.t the US. Physical gold dealers in India were forced to offer the steepest discounts in more than a year to lure buyers put off by a record surge in local prices last week, while the banking crisis fuelled steady demand in top buyer China. Broader trend on COMEX could be in the range of $1950- 1990 and on domestic front prices could hover in the range of Rs. 58,800 – 59,500 could be expected.”
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