t is a relief rally occurring in commodities which may well be short lived when it comes to precious metals complex, according to Kunal Shah, Head-Commodities Research; Nirmal Bang.
“The current rally may not last more than two days and I am not very optimistic about gold and silver, given the positive economic data that we get from across the globe.” said Kunal Shah in a telephonic interview.
“We need more bad news before we can see a rally to $1800 levels which is a mark far far away and may not be feasible under current circumstances.” he added. He expects silver to outperform gold in the short-term.
“Gold may reach $1710 max...” he predicted.
He is positive about aluminium on the MCX as well as lead and zinc and to an extent copper. On the agri-side he is optimistic of coriander, turmeric and castor seed.
Silver on the Comex is trading at $31.178 an ounce, a gain of 03.15% as of 06.45 PM IST. Gold is up by 0.67% at $1686.15 an ounce.
