Gold
During the week, gold prices rose around 1 percent on account of
upbeat global markets. Further, ease in concerns from Fed regarding cut
in its bond buying program supported an upside in prices. Additionally,
weakness in the US Dollar Index (DX) acted as a positive factor.
However, sharp upside in prices was capped as a result of decline in
SPDR gold holdings by 0.7 percent which stood at 932.46 tonnes lowest
level since February 2009.
In the Indian markets, prices gained around 0.4 percent but
appreciation in the Rupee restricted sharp positive movement in yellow
metal prices.
Gold holdings in the SPDR Gold Trust fell further by 0.7 percent in
the last week to 932.46 tonnes from previous 969.5 tonnes on 25th
June’13. The holdings have fallen to the lowest level since February
2009.
Silver
Taking cues from fall in base metals prices, Spot silver prices fell around 2 percent in prior week. Further, weak economic data from China and expectations of slow growth exerted downside pressure on prices. However, sharp fall in prices was prevented as a result of rise in gold prices along with weakness in the DX.
Appreciation in the Indian Rupee added more downside pressure on prices and commodity slipped around 2.4 percent on the MCX.
Holdings in the iShares Silver Trust rose around 1 percent to
10,284.02 tonnes for the week ending on 19th July 2013 as compared to
10,185 tonnes as on 12th July 2013.
Outlook
Precious metal prices are expected to trade on a higher note in
today’s trade, taking cues from weakness in the DX. Further, upbeat
global markets sentiments will support an upside in the prices. However,
decline in SPDR holdings will cap sharp gains in prices. In the Indian
markets, appreciation in the Rupee will prevent upside movement in
prices on the MCX.
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