Commodity Insight - Akshaya Tritiya Brightening Bullion’s Appeal: Motilal Oswal
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Motilal Oswal Report
Gold’s volatility in 2021 until now has been no less than any ride in an amusement park.
After a good rally last year, we witnessed some profit booking and consolidation at lower levels amidst the U.S. Presidential election uncertainty, vaccine reports from various pharma companies and volatility in dollar and yields.
This led to some profit booking in exchange-traded funds and Commodity Futures Trading Commission positions suggesting that speculators too unwinded their positions hence affecting the overall sentiment.
Although, with all these uncertainties, precious metal pack were backed by strong fundamentals which kept the hopes high for all bulls.
As we talk about demand supply dynamics and festive season, Akshaya tritiya aka Akha Teej, an annual spring time festival of the Hindus and Jain is approaching this week.
Gold’s demand increases more during these festivals and looking at the import numbers, same is expected this time too.
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