Gold, Rupee and Equity Markets Outlook details explained by ICICI Securities
Gold prices started Tuesday’s trade on a strong note opening higher with a gap and rose further during the first half of the session till a high of Rs 47480. However, prices did not sustain at higher levels and fell sharply during the remaining session till a low of Rs 46682. Prices fell sharply in the last session as the US dollar bounced off three-week lows on bullish comments from a US Federal Reserve official and upbeat manufacturing data helped arouse investor risk appetite.
ICICI Securities expect gold prices to consolidate near immediate support of Rs 46600 level in the short-term: Reuters