According to Motilal Oswal, This week we’ll continue to monitor how much riskier assets extend their gains and how it impacts gold.
Motilal Oswal's report on Precious Metals Weekly
Gold prices managed to survive major selloff last week by closing above the critical support zone of $1680. Week was dominated by a continuous rally in US stocks, gold prices too taded lower together with other safe haven assets including the US Dollar. Gold prices at the start of the week managed to hold elevated levels alongside an equity market rally, although gains were capped after the release of positive US data which took the market by surprise.
Outlook
This week we’ll continue to monitor how much riskier assets extend their gains and how it impacts gold. Market participants will also be tracking the health risks around the re-opening of the U.S. economy and the risks around the ongoing friction between the US and Chinese administrations, which at present is keeping the market on edge.
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