Gold, Rupee and Markets II Details explained by ICICI Securities
Gold prices started Monday’s trade on a strong note by opening higher and prices consolidated for most of the session in the range of Rs 48700- Rs 48900 levels. Prices took support in the last session on the prospect of extended U.S. fiscal stimulus and accommodative monetary policies, although bullion held close to the 1-1/2 month low hit earlier as the dollar extended gains. Therefore, ICICI Securities expect Gold prices to remain in the range of Rs 48600- Rs 49300 levels for the short term.
Any dip from here on should be capitalized as an incremental buying opportunity as our broader view of Nifty heading towards 14900 by the end of January: Reuters