Gold
Spot gold prices increased around 0.8 percent in the yesterday’s
trade on the back of weakness in the DX. However, sharp upside in prices
was capped on account of weak global markets coupled with decline in
SPDR gold holdings to 937.57 tonnes. The yellow metal touched an
intra-day high of $1295.34/oz and closed at $1292/oz in yesterday’s
trading session.
In
the Indian markets, prices ended on a positive note, increasing around
0.1 percent. The commodity closed at Rs.26469/10 gms after touching a
high of Rs.26620/10 gms on Tuesday. However, appreciation in the Indian
Rupee capped sharp gains in prices on the MCX.
Silver
Taking cues from rise in gold prices along with upside in base metals
complex, Spot silver prices gained around 0.5 percent in yesterday’s
trade. Further, weakness in the DX acted as a positive factor for the
prices. The white metal touched an intra-day high of $20.05/oz and
closed at $20/oz in yesterday’s trade.
On the domestic front, prices rose around 0.2 percent and closed at
Rs.41,020/kg after touching a high of Rs.41,289/kg on Tuesday. However,
appreciation in the Indian Rupee restricted sharp positive movement in
prices on the MCX.
Outlook
Precious metal prices are expected to trade on a higher note in
today’s trade, taking cues from sharp rally in prices in yesterday’s
trade. However, sharp upside in prices will be capped on account of
stronger DX along with weak global markets. Additionally, decline in
SPDR holdings will prevent upside in prices. In the Indian markets,
appreciation in the Rupee will add downside pressure in prices on the
MCX.
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