Gold rises almost 3%: Angel Broking

Mr. Anuj Gupta (DVP-Commodities & Currencies Research, Angel Broking)

"Gold increased in Comex almost 3% to $1712 on back of the recession, lowest interest rate in the world and the increased demand of gold.

ETF holding has risen by 1.5 million ounces in last week. Peoples are buying gold in futures and in electronic form and due to this the premium between Spot and future widened. In physical no demand of gold due to lockdown. The difference is almost $52 between spot gold and future Gold. Spot Gold trading around $1660 which futures is trading at $1712. We expect Gold price may rally further to test $1750 to $1780 levels very soon.

MCX gold June increased 2002 rs and made a life time high of 45724 levels today morning. It is almost 3.70% up."

Source : Equity Bulls

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