In an interview to CNBC-TV18, Ashok Mittal, CEO of Emkay Commodities spoke about the current trend in commodities market.

Below is a verbatim transcript of the interview:

Q: How would you approach bullion going into that Federal Open Market Committee (FOMC) meet today?

A: We are expecting that there will be a lot of pressure on bullion prices , although they have moved up little bit in the last few sessions largely in India because of the weakening of rupee. We think that USD 1400 per ounce remains a strong resistance for gold. Hence we are recommending to sell it at any upside towards USD 1375-1385 per ounce. We expect gold to come back around USD 1320 per ounce or so. Once USD 1320 per ounce breaks then we can expect further downside.

In the Indian market, Rs 28,100-28,200 per 10gm is a selling level and we expect it to come back to Rs 27,500 per 10gm and maybe lower than that.


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