Sell off in gold due to year end profit taking: Gnanasekar

T Gnanasekar, Director of CommTrendz Research & Fund Management spoke to CNBC-TV18 about his views on the commodity space.

Also Read: Commodity corner: Experts tips to trade gold, copper, crude Below is the verbatim transcript of Gnanasekar’s interview on CNBC-TV18 Q: Do you see a substantial pullback in gold today? A: Not substantial, but definitely a pullback is in the offing because of the way gold fell yesterday. I believe yesterday’s sell off is more related to year end profit taking. The financial year end is coming close for most of the hedge funds overseas and gold has done pretty well in the whole year. So, that is the sort of profit taking which we saw. That also led to some stop loss triggers. Market could again come to its senses and there could be some bargain hunting at lower levels. So, there could be a decent pullback today. Q: You would buy silver as well? A: Similarly to gold, silver is also a buy. But it could get a bit volatile. So wait for a slightly better dip on silver, somewhere close to Rs 64,300-64,500 per kilogram levels in February silver to buy.