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Pre Session Commentary
Precious Metals Preview: Gold Ends Up 2% On MCX
26-Mar-20   09:17 Hrs IST

Gold futures fell as a drop from two week highs extended yesterday. Gold traders continued to monitor the coronavirus situation around the globe. End user demand is seen as a critical factor in the near term as lockdowns are gripping countries and the consumer buying remains abysmal. COMEX Gold futures quote at $1628 per ounce, down 0.30% on the day. This should cap local Gold as well. MCX Gold futures ended at Rs 42750 per 10 grams, up nearly 2% on the day. Meanwhile, Gold is a clear complement to stocks, bonds and broad-based portfolios, as it is a hedge against systemic risk, currency depreciation and inflation, World Gold Council (WGC) said in a report. Notwithstanding the recent price volatility, gold has delivered an average return of about 8.87% over the last 10 years, comparable to stocks and a tad more than bonds and commodities, noted the council.

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