Perspective on Gold touching an all-time high By 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
Inflationary concerns and rising uncertainties ingredient for gold’s rally
• Domestic prices supported by Rupee depreciation and hike in import duty
• Aggressive rate hikes from major central bankers weighed on the metal
• Any sign of ease off in stance from the Fed will support the metal further
• Geo-political and Covid concerns continue to support safe haven assets
• Central Banks gold buying spree is also boosting market sentiment
• Positive Flows in ETF coupled with stagflation/recession scenario could benefit
• A move in real rates lower will inversely support the metal price further
• Expect Comex Gold to soar to $1990 & $2100 and 60,000-63,000 on MCX
• Profit taking in Q1 towards Rs.53500 could be a long term buying opportunity.”
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