Gold is back in favour, buy on dips: Anand Rathi Comm

From the precious metal space, gold futures in India extended losses from its Wednesday's peak as investors chose to book profits, but physical buying remained weak as traders sought further price falls to stock for the ongoing wedding season, dealers indicated on Friday.

However, gold is back in favour and looks to be in the range of USD 1,740 per ounce on the lower side and about USD 1,800 per ounce on the higher side at the moment, said Ritesh Gandhi, senior research analyst of commodities and currencies at Anand Rathi Commodities.
Gold has been moving more or less in tandem with equities and other risky assets. "With European debt crisis escalating, gold would break free of this risk asset mantle over the next couple of days," he told CNBC-TV18 in an interview.
Anand Rathi Commodities would have a bullish bias on gold, but Gandhi would like to see pricing closing above USD 1,800 per ounce once again. Within this range, he suggested buying dips in the domestic market with a target of about Rs 28,900 per 10 gram levels. He further stated,