Precious Metals Preview: Positive Indian Demand Outlook Caps Downside For Gold

Precious Metals Preview: Positive Indian Demand Outlook Caps Downside For Gold

Oct 22, 2021 08:10 IST capital market

Gold saw tight action but a recovery in US dollar from one month low capped the upside in metal as prices fell near $1780 per ounce. Indian demand outlook remains bright though, supporting prices at lower end. The Indian economy is poised to grow by 10.5% or more in FY22 despite several supply side constraints on the back of strengthened recovery in the July-September period and jump in exports, NITI Aayog vice chairman Rajiv Kumar said. The festive season is getting into its peak and will make it clear about the endurance of local demand as spot prices linger above Rs 47000 per 10 grams. MCX Gold futures closed at Rs 47386 per 10 grams, down 0.24% on the day.

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