Gold to trade in Rs 26000-27600 range next week: Emkay
Emkay Commodity Research has come out with its report on bullion. According to the research firm, Gold prices are expected to go down further as outflows from gold funds and a stronger dollar internationally are likely to keep prices in check. It is expected to move in the range of Rs 26000-27600 during the week ahead.
Emkay Commodity Research's weekly review and outlook on bullion.
Precious Metals:US Gold futures closed at USD 1447.20 an ounce, down by USD 23 or 1.58 percent for the week.Gold prices went pressured by a stronger dollar which gained against majority of currencies, especially the yen and pushed all commodity prices down.Gold’s safe haven appeal was also hurt as US equity markets touched a record high and improved appetite for riskier assets globally and hurt gold prices.Hedge funds and money slashed their net longs in gold by 5,503 lots to 49,260. Gold's net longs, essentially bullish bets, were within striking distance of a near-five-year low below 40,000 lots reached in early MarchGold prices are expected to go down further as outflows from gold funds and a stronger dollar internationally are likely to keep prices in check.Gold in India closed at INR 26,843/10gms, down by 0.44 percent.Outlook:Gold (June): Gold is expected to move in the range of 27600-26000 during the week ahead.Silver (July): Silver is expected to move in the range of 46500-44000 during the week ahead.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. 
Read More
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
