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Below the Quote on Daily gold commentary by Mr. Navneet Damani, Senior VP – Commodity Research, Motilal Oswal Financial Services Ltd.

Gold prices inched higher, recouping some of last week’s losses as traders remained cautious towards metal markets ahead of a key U.S. inflation reading this week. Meanwhile, Silver was up by more than 4% in the yesterday's session amidst updates from China regarding further support to property sector, surge in industrial metals and rise in geo-political tensions. Shanghai has announced property sector support measures like, they have cut, down-payment requirement, lowered minimum mortgage rates and few other factors. There were also updates regarding exchange of fire between Israel and Egypt, sources also suggest that North Korea fired missiles at Japan, also China's training exercises near Taiwan's border have increased. These updates regarding geo-political tensions is boosting the safe haven appeal for both Gold and silver. Further updates and clarity on these developments will be required for further direction in prices. Even with US and UK markets being shut on the back of holiday sharp volatility was witnessed in the market. The ECB chief economist mentioned that market participants shouldn’t rule out lowering borrowing costs at both its June and July meetings. Last week, a survey showed US consumers expect prices to climb less quickly than earlier in the month. This raised hopes that the Fed’s inflation gauge due out later this week will show further signs. Market participants will keep an eye on Fed officials comments and US consumer confidence data, scheduled later today. Broader trend on COMEX could be in the range of $2323 2365 and on domestic front prices could hover in the  range of Rs 71,450-72,300.

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