Physical demand can tap fall in Gold prices: Emkay
Emkay Commodity Research has come out with its report on precious metals and energy. According to the research firm, Gold in India is likely to move down but a weaker rupee along with physical demand ahead of Akshay Tritiya can limit the downside in prices.
Emkay Commodity Research has come out with its report on precious metals and energy. According to the research firm, Gold in India is likely to move down but a weaker rupee along with physical demand ahead of Akshay Tritiya can limit the downside in prices.
Precious Metals:U.S. gold futures for June delivery settled down USD 19.20 at USD 1,448.80 an ounce, with trading volume on track to finish near its 30-day averageGold prices were pressured by strong US equity markets which touched a record high and dented gold’s safe haven appeal.Outflows from gold-backed exchange-traded funds showed no signs of abating and fell to the lowest level since August 2009.SPDR Gold Trust, the world's largest gold-backed exchangetraded fund’s holdings fell 0.31 percent to 1062.30 tonnes on Monday from 1065.61 tonnes on Friday.Gold prices internationally are likely to go down as stronger US economic outlook and improved risk appetite is likely to push gold prices down.Gold in India is likely to move down but a weaker rupee along with physical demand ahead of Akshay Tritiya can limit the downside in prices.Gold for June delivery on the Multi Commodity Exchange (MCX) was down by 1.38 percent at INR 26,722/10gms.Energy:U.S. crude futures for June delivery settled down by USD 0.54 at USD 95.62 a barrel, down by 0.56 percent.Crude prices were down as the EIA cut its forecasts for oil consumption in 2013 and 2014 due to declines in Europe and Japan.China crude oil imports in April rose 3.7 percent from a year earlier and rose 3.5 percent from a month earlier.We expect crude oil prices to go down as expectations of higher inventories and easing tensions in the Middle East can push prices down.US natural gas futures ended lower on Tuesday as mild weather forecasts for the next few weeks hurt prices.Natural gas prices are expected to move down as the moderating weather will dampen the heating demand for natural gas and hurt prices.Front-month gas futures on the New York Mercantile Exchange ended down 9.1 cents, or 2.3 percent, at USD 3.92 per million British thermal units after slipping to near a five-week low of USD 3.916.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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