Gold prices fell to their lowest in nearly three months By Navneet Damani, Motilal Oswal
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Below are Views On Gold prices fell to their lowest in nearly three months By Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
“Gold prices fell to their lowest in nearly three months and headed for their worst week since end-November, as recent strength in U.S. Treasury yields dented the non-yielding metal's appeal. Benchmark U.S. Treasury yields edged higher, having hit a near one-year peak earlier in the week. All updates regarding the Covid-19 stimulus bill and vaccine for Covid-19 and the new variant is impacting the market sentiment. On data front, U.S. jobless claims unexpectedly increased last week, raising the possibility of a second straight month of tepid job growth despite declining new COVID-19 infections. Market participants will keep an eye on the preliminary Manufacturing and Service PMI data expected from major economies later in the day. Broader range on COMEX could be between $1755- 1782 and on the domestic front prices could hover in the range of Rs 45,700- 46,300.”
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