Weaker rupee may limit downside in gold prices: Emkay
Emkay Commodity Research has come out with its report on Gold. According to the research firm, Gold in India is likely to go down but a weaker rupee could limit the downside in prices.
Emkay’s report on Gold-
U.S. gold futures for June delivery settled down USD9.80 at USD1,424.50 an ounce, with trading volume about 20 percent near its 30-day average. Gold prices were down as optimism over economic recovery in strong US equity markets hurt gold’s safe haven appeal. Greece’s credit rating upgrade by Fitch and positive euro zone economic data also eased uncertainty in the region and hurt the investment demand for gold. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund’s holdings remained unchanged on Tuesday. Gold prices internationally are likely to move down as easing physical demand and improved risk appetite globally are likely to hurt gold’s appeal as a safe haven. Gold in India is likely to go down but a weaker rupee could limit the downside in prices. Gold for June delivery on the Multi Commodity Exchange (MCX) was down by 0.55 percent at INR 26,707/10gms. 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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