Easing geopolitical tensions can hurt gold prices: Emkay
Emkay Commodity Research has come out with its report on bullion. According to the research firm, Gold prices are expected to move down as a stronger dollar on fears of stimulus withdrawal by Fed and easing geopolitical tensions can hurt gold prices.
August 30, 2013 / 12:52 IST
Emkay's special report on Gold
Gold prices are expected to move down as a stronger dollar on fears of stimulus withdrawal by Fed and easing geopolitical tensions can hurt gold prices.We expect crude prices to go down as fading worries of a strike on Syria has eased supply concerns and can hurt prices.Base metals are expected to move up as strong global economic recovery and supply concerns over strike threats at mines are likely to push prices higher.Precious Metals:
US Comex gold futures for October delivery settled down 0.42 percent at USD 1412.6 an ounce. Gold for October delivery on the Multi Commodity Exchange (MCX) closed up 0.73 percent at INR 33,650/10gms and silver was down by 0.42 percent at INR 55,542/kg.Gold prices fell on Thursday after stronger than expected US GDP growth which came at 2.5 percent and lesser unemployment claims strengthened fears of Fed tapering the bond buying program soon and hurt gold's inflation hedge appeal. Easing fears of a strike on Syria as UK Parliament voted against it, also hurt gold's safe haven appeal. The RBI is planning to direct banks to buy back gold from the citizens and sell it to refiners to reduce the imports and a pilot project would be launched soon. Gold prices are expected to move down as a stronger dollar on fears of stimulus withdrawal by Fed and easing geopolitical tensions can hurt gold prices.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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