Indian gold prices expected to rebound this week
A recent report from Reuters reveals that Indian gold is expected to recover this week due in part to a further drop of the rupee and the return of risk appetite for the precious metal.
Indian gold futures, the most active gold for August delivery on the Multi Commodity Exchange, climbed 0.44 percent to 29,673 rupees per 10 grams after last week's losses of roughly 2 percent, the news source stated.
"Buying at support of 29,400/29,450 in gold could be a good strategy," Pranav Mer, senior analyst with Mangal Keshav, told the news source.
In addition, silver futures are expected to follow gold as buying is advised in the metal at 54,200 rupees with a target of 55,250 rupees, Gnanasekar Thiagarajan, director at Commtrendz Research, told the news source.
A recent report from MarketWatch revealed that the gold crowd and stock analysts could be getting India wrong. Nigam Arora writes that equity strategists are currently bearish on India in the short term, but that may not necessarily be the case. Gold exploration is available for import in India and is produced throughout the world including in the Sonora state of Mexico, British Columbia and Alaska.