Long-term outlook bullish on gold; silver prices to remain under pressure: Nirmal Bang Commodities

The long-term outlook on gold is bullish, however near-term there will be some more pain,” said Kunal Shah, Head of Commodities and Currency Research of Nirmal Bang Commodities in an interview with CNBC-TV18.

“We are going to see gold prices going down in the near-term. Rs 48,000 per 10 gm are good levels to go short for the downside target of Rs 47,200-47,300 per 10 gm. But the long-term outlook continues to remain optimistic in gold. In near-term we are going to see some more pain in gold, long-term looks bullish,” he said.

Silver prices are going to remain under pressure. “In near-term it can decline and test levels of Rs 67,000-66,500 per kilogram,” he shared.