Kunal Shah of Nirmal Bang Commodities expects the gold prices to move up in the long term. He advised investors to accumulate gold at current levels.
Speaking about gold, he said, "All possible reasons in textbook are for gold prices to move up but gold prices are going down. Higher fiscal deficit, weaker dollar, central bank balance sheets are expanding but then too gold prices are not shooting up."
"The long term fundamental of gold continues to remain very bullish because we do not see any exit policy by the central bankers going forward during next 6-12 months. So these are great levels to accumulate gold. I don't see a significant correction from these levels."
On crude, he said, "There is a very strong chance that in the OPEC meeting we may see an increase in production which may lead to some profit taking in oil. OPEC wanted oil at $60 per barrel and now Brent is already above it. So I would sell oil on rallies, Rs 4620-4630 are good levels to go short for downside target of Rs 4550 with a stop loss of Rs 4660."
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