Ravindra RaoCOMEX gold December contract traded 0.7 percent higher on August 5 near USD 2035/oz after a sharp 1.7 percent gain on August 4. Spot gold hit a record high level of near USD 2031/oz on August 4 and is currently trading near USD 2016/oz. In domestic market, MCX gold August contract hit a high of Rs 54560/10 gram August 4, the highest level on record for a first month contract.Gold has been on an up move for the last few days and has now broken past the key USD 2000/oz opening way for further gains. Gold remains supported by persistent weakness in the US dollar, strong investor interest and safe haven buying amid rising virus cases globally and increased US-China tensions.Close The US dollar, after a brief rebound, slumped again August 4 amid lower bond yields, diverging economic and virus situation in US and Europe and political wrangling over additional stimulus.Ravindra RaoHead – Commodity Research|Kotak Securities Oil prices may see selling pressure amid US-China tensions: Kotak SecuritiesCommodity round-up: Rally in silver many not sustain; crude likely to remain choppyGold’s relentless rally fuels scepticism about sustainability, says Ravindra Rao of Kotak SecuritiesInvestor buying remains strong despite record-high price. Gold holdings… Read full this story
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Oil prices likely to remain choppy ahead of inventory report: Kotak Securities have 286 words, post on www.moneycontrol.com at August 5, 2020. This is cached page on Trend . If you want remove this page, please contact us.