Sumeet Bagadia, Executive Director at Choice Broking:

MCX Gold Futures is expected to remain bullish in the coming week amid rising deaths owing to the Pandemic coronavirus. Moreover, global crude prices can also find support with negative manufacturing data in the United States for the month of March and rising worries of global recession after the IMF had declared that the world can witness a decline in growth rate by 3%.

Volatile global equity markets are creating fear in the minds of investors about how long the pandemic would continue. However, major upside movement in global gold prices could be capped amid stronger dollar in the global market with a stimulus package news by the Indian government in the coming days.

Indian government is also planning to give some lockdown reliefs, opening up of some industries in rural areas after April 20th to reduce the distress caused to millions of people because of a prolonged lockdown to halt the spread of coronavirus, which includes farm activities, construction of roads and buildings in the hinterland which has so far been less affected by the coronavirus contagion.

This is expected to improve business activities in the coming week and we are hoping the COVID-19 reports to be flattened in India which can bring cheers and limit extreme bullishness in gold prices.