Gold prices likely to move in a range: Emkay
Emkay Commodity Research has come out with its report on Gold. According to the research firm, gold prices are likely to move in a range as physical demand has eased and continuous outflows from gold funds are likely to keep prices in check.
Emkay Commodity Research has come out with its report on Gold. According to the research firm, gold prices are likely to move in a range as physical demand has eased and continuous outflows from gold funds are likely to keep prices in check. Gold in India will move in a range as a stronger rupee after RBI policy meet which is expected to cut rates by 25 bps can keep prices in check.
Emkay Commodity Research report on gold:U.S. gold futures for June delivery settled up USD 21.40 to USD1,467.60 an ounce, with trading volume on track to finish below its 30-day average. Gold prices were up as the ECB cut its interest rates by 25 bps to 0.5 percent which boosted gold’s inflation hedge appeal and pushed prices higher and fears of negative deposit rates by banks also led to safe haven buying in gold. However, a stronger dollar after the ECB rate cut and stronger equity markets limited the upside in prices. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund’s holdings fell 0.56 percent to 1069.22 tonnes on Thursday from 1075.23 tonnes which is the lowest since September 2009. Gold prices are likely to move in a range as physical demand has eased and continuous outflows from gold funds are likely to keep prices in check. Gold in India will move in a range as a stronger rupee after RBI policy meet which is expected to cut rates by 25 bps can keep prices in check. Gold for June delivery on the Multi Commodity Exchange (MCX) was up by 1.41 percent at INR 26,914/10gms. 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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