Gold Prices: ICICI Securities expect gold prices to remain in the range of 49200-49700 for the short-term.
US business activity in November expanded at its fastest rate in more than five years, pointing to a recovery from the pandemics economic damage. The upbeat data came after Britains AstraZeneca said its vaccine could be around 90 % effective without any serious side effects.
Gold fell nearly 2 % to its lowest in four months on Monday as better than expected US business activity data and optimism over progress in Covid -19 vaccines boosted hopes of a swifter economic rebound and drove investors towards riskier assets. US business activity in November expanded at its fastest rate in more than five years, pointing to a recovery from the pandemic's economic damage. The upbeat data came after Britain's AstraZeneca said its vaccine could be around 90 % effective without any serious side effects.
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Gold prices started Monday’s trade on a flat note and fell gradually during most of the session till a low of 49291. Prices have fallen sharply in the last session as drug maker AstraZeneca injected fresh optimism into the race for a Covid-19 vaccine, bolstering appetite for riskier assets and overshadowing support for bullion from a weaker dollar. Therefore, ICICI Securities expect gold prices to remain in the range of 49200-49700 for the short-term.
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