Gold, Rupee and Equity Markets Outlook, Details explained by ICICI Securities
Gold prices started Wednesday’s trade on a weak note opening lower with a gap and fell further during the first half of the session till a low of Rs 48511. Later, prices recovered strongly for the remaining session till a high of Rs 48980. Prices have been falling gradually in the last few sessions as the dollar climbed, with investors looking forward to a US Federal Reserve policy statement for clues on approach to monetary policy the central bank is likely to adopt.
The index is also approaching a major support area of 13800, which we expect it to hold: Reuters