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Precious Metals Weekly Report: Motilal Oswal

According to Motilal Oswal, The week began with gold trading near record high levels, although it got several factors weighing along the way, including hopes for a COVID-19 vaccine, rise in treasury yields, strong dollar and positive economic data.

August 19, 2020 / 04:08 PM IST

Motilal Oswal's report on Precious Metals Weekly


The week began with gold trading near record high levels, although it got several factors weighing along the way, including hopes for a COVID-19 vaccine, rise in treasury yields, strong dollar and positive economic data. Although, after experiencing a couple of sessions of profit-taking earlier in the week, gold is trading back above $1,950. Some caution is necessary and should be expected after the big run-up since March, but the greater influence on the market remains the amount of stimulus pumped into the global economy since the pandemic began and where that created money is likely to end-up.


Outlook


This week economic docket has few important ‘look outs’, inflation data and preliminary Manufacturing and Services pmi numbers expected from major economies. Looking ahead, gold traders will continue to monitor “the possible emergence of a ‘second wave’ of the virus across Europe and Asia. Traders will also watch how talks of economic stimulus unfold. With that investors will also continue to keep an eye on the US-China trade relationship and other uncertainties hovering in the market.

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first published: Aug 19, 2020 04:08 pm
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