Dharmesh Bhatia of Emirates NBD expects gold to correct further from current levels

In an interview to CNBC-TV18, Dharmesh Bhatia of Emirates NBD discussed the current trend in commodities markets.

Talking about his trading calls, Dharmesh recommended selling December contract of gold, silver, and copper.

On gold, Bhatia is expecting the bullion pack to show some weakness in the short term.

Internationally it is already holding below $1,200 and with interest rate hike expected in December and one in 2019, and US treasury yields holding above 3.5-3.10, the yellow metal should show some weakness, Bhatia said.

"I am not so bullish, I am expecting the market to head further down and equity market in the US will keep on rising and with interest rate hike, I do not think that gold will outperform any asset class,” he said.

In domestic market because of rupee depreciation, the fall is not in that contempt, but expecting gold to correct further from current levels,” Bhatia added.

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