Gold
Spot gold price s increased around 0.9 percent yesterday on the back
of weakness in the DX. Further, upbeat global market sentiments
supported an upside in prices.
However, sharp upside in gold prices was capped on account of decline
in SPDR gold holdings to 929.76 tonnes which is at lowest level since
February 2009. The yellow metal touched an intra-day high of $1347.69/oz
and closed at $1347.50/oz in yesterday’s trading session.
In the Indian markets, prices gained around 0.1 percent and closed at
Rs.27,574/10 gms after touching an intra-day high of Rs.27,668/10 gms
on Tuesday.
Silver
Silver prices declined around 0.3 percent in yesterday’s trading
session. However, sharp downside in the prices was cushioned on the back
of rise in gold prices, upside in base metals complex along with
weakness in the DX. The white metal touched an intra-day low of
$20.09/oz and closed at $20.50 in yesterday’s trade.
On the domestic front, prices fell around 0.9 percent and closed at
Rs.41,854/kg after touching an intra-day low of Rs.40,449 on Tuesday.
Outlook
Precious metal prices are expected to trade on a lower note in
today’s trade, taking cues from strength in the DX. Further, weak global
markets sentiments will exert downside in the prices. Additionally,
decline in SPDR holdings will act as a negative factor for prices.
Depreciation in the Rupee will prevent sharp downside movement in prices
on the MCX.
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