Spot gold prices traded higher in the initial part of the trade on Wednesday, on the back of positive growth forecast from the International Monetary Fund (IMF) which raised its 2012 global economic growth forecast to 3.5 percent from the previous 3.3 percent. But, deepening worries over Europe’s debt crisis led weak sentiments in the markets which resulted in gold coming under pressure in the later part of the trade.
In addition to this, strength in the US Dollar Index also acted as a negative factor for yellow metal prices. However, a weaker rupee led gains on the domestic bourses.
The yellow metal touched an intra-day low of $1637.29/oz and ended at $1640.07/oz yesterday. MCX Gold June contract rose slightly around 0.1 percent, touching an intra-day high of Rs.28,580/10 gms and closed at Rs. 28,518/10 gms on Wednesday.
Silver
Spot silver prices came under pressure and traded lower by 0.3 percent on Wednesday taking cues from fall in gold prices along with strength in the US Dollar Index. Silver being an industrial metal also took cues from downside in base metals pack.
The white metal touched an intra-day low of $31.34/oz and ended its trading session at $31.60/oz yesterday. MCX Silver May contract ended on a positive note on Wednesday on account of a weaker rupee and touched an intra-day high of Rs56,280/kg.
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Precious Metals Edge Lower On Strong US Dollar: April 22, 2012
Published 04/20/2012, 05:06 AM
Updated 05/14/2017, 06:45 AM
Precious Metals Edge Lower On Strong US Dollar: April 22, 2012
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