Gold, Rupee and Equity Markets I Outlook explained by ICICI Securities
Gold prices opened flat on Tuesday and consolidated during most of the session in the range of | Rs 46700 – Rs 47000 levels. Prices remained supported in the last session as Federal Reserve Chair Jerome Powell said the central bank would keep monetary policy accommodative as the US economy still needed support. Hence, ICICI Securities expect gold prices to recover further towards Rs 47500 level in the short-term.
The index is undergoing healthy retracement as it retraced 50% of post Budget rally, wherein we do not expect the index to breach the key support threshold of 14300: Reuters