Gold price likely to fall further

Mumbai-India (June 3)  Inability to breach $1,310 last week leaves the outlook bearish.

As expected, the resistance around $1,310 per ounce capped the upside in gold all through last week. The global spot gold price oscillated in a narrow sideways range below $1,310 for most part of the week. Surprisingly, neither the weak dollar nor the concerns of trade war after the US imposed import tariffs on Mexico, Canada and the European Union helped gold gain strength recently.

BusinessLine