ICICI Direct: Commodity Outlook - Gold To Rise Towards Rs 49,500 Amid Dollar Weakness
An employee handles 1 kilogram gold bars with in the precious metals vault at Pro Aurum KG in Munich, Germany. (Photographer: Andreas Gebert/Bloomberg)

ICICI Direct: Commodity Outlook - Gold To Rise Towards Rs 49,500 Amid Dollar Weakness

Bookmark

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Gold prices have an immediate strong support around Rs 47,500 level.

As long as it sustains above this level we may see a bounce towards Rs 49,500 level supported by a weaker dollar and worries on surging coronavirus cases in the U.S. and Europe.

Along with that, massive amounts of stimulus into the economy have raised concerns on higher inflation.

Therefore, we expect gold prices to recover from current levels towards immediate resistance of Rs 49,500 in the coming weeks.

Click on the attachment to read the full report:

ICICI Direct Commodities Outlook.pdf

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.