Spot gold prices witnessed gains of around 0.5 percent in yesterday’s trading session as rise in crude oil prices boosted inflation-led demand for gold. However, strength in the US dollar capped sharp gains in the international markets. The yellow metal touched an intra-day high of $1737/oz and ended at the level of $1728/oz on Wednesday.
On the MCX, Gold April contract rose around 0.3 percent on Wednesday. The yellow metal touched an intra-day high of Rs28,271/10 gms and closed its trading session at the level of Rs28,170/10 gms yesterday.
Silver
Spot silver prices declined around 0.5 percent on Wednesday taking cues from strength in the US dollar coupled with downside in base metals. The white metal touched an intra-day low of $33.08/oz and ended at the level of $33.4/oz yesterday.
MCX Silver March contract declined around 0.2 percent on Wednesday and touched an intra-day low of Rs56,250/kg. The white metal ended its trading session at the level of Rs56,303/kg on Tuesday.
Outlook
We expect gold and silver to trade lower today on the back of a stronger dollar and rise in risk aversion in the global markets due to escalating tensions over Euro Zone debt crisis.
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Silver Tracks Gold, US Dollar, Ends Lower at $33.04
Published 02/16/2012, 06:44 AM
Updated 05/14/2017, 06:45 AM
Silver Tracks Gold, US Dollar, Ends Lower at $33.04
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