London Spot: Expect a choppy trading inside $1720-1880 levels - Geojit Financial Services
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Gold
Outlook
International Gold: Moderate US economic releases, a steady US dollar and uncertainty over new Omicron virus continues to offer support for safe investment assets like gold. Meanwhile, firm global equities and lacklustre physical buying from top consumers like India and China likely to limit major rallies. Anyhow, Central banks’ decision on tapering of stimulus packages and how the global economy reacts towards resurging pandemic cases would direct the metal’s short term outlook.
Domestic Gold: Prices remain supported by a firm overseas market and a weak Indian rupee. However, prevailing high prices likely to hit the physical demand of the commodity.
Technical View: London Spot: Expect a choppy trading inside $1720-1880 levels with mild positive bias. A close above $1880 would trigger fresh short term rallies in the counter.
MCX: Prices remain choppy with mild positive bias in the near future with immediate near term psychological resistance is seen at Rs 50000/10 grams.
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