After Fed’s comments the Dollar Index witnessed profit booking, which boosted gold prices.
Net buying by central banks reached 145.5 tonnes in the first quarter of 2019.
Any minor correction from the current level would be an opportunity to buy gold again.
The prices are expected to receive support from lower acreage.
Production in India is estimated to be around 10 per cent higher than the last year.
Domestic and export demand for pulses stays softer than expected.
Arrival of rabi crops from February to April and marriage season will push demand for gold.
Global ending stock remains at 73.19 million bales against 80.45 million bales last year.
Soyabean prices at NCDEX made a high of Rs 3,488 last week before closing at Rs 3,442 on Friday.
At the MCX, prices are holding crucial support of Rs 31,000 per 10 grams and shows strength.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon