Keeping in mind the ongoing economic uncertainty and rising risk averison in the global financial markets, demand for gold should bounce back. Also, prices have corrected considerably and these levels should look attractive for investors who are seeking to protect their investment portfolios against rising economic uncertainties. But we do not expect sharp increase in prices from the current levels as, at the same time the DX is also strengthening and this will cap sharp gains in prices in the international markets.
MCX Silver on the other hand is expected to witness rangebound movement in the near-term as it will take cues from both, gold and movement in the industrial metals. As economic risks rise, so do concerns over demand for industrial metals like copper, aluminum, nickel etc. Silver being an industrial metal will also face risk of downside due to expectations of slowdown in economic growth which will eventually impact demand.
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