Angel Commodities has come out with its report on bullion. According to the research firm, Gold and Silver prices are expected to trade higher today.
Gold: Spot gold prices erased most of its earlier losses and ended slightly lower on Tuesday. Revival in the global markets due to favorable economic data from the Euro Zone and weakness in the US dollar index supported upside in the yellow metal prices. Additionally, positive forecast for global economic growth from the IMF also helped gold to trim most of its losses in the evening session. The yellow metal touched an intra-day low of $ 1634.44/oz and closed at $ 1649.29/oz yesterday. On the MCX, Gold June contract dropped around 0.3 percent due to appreciation in Rupee on Tuesday, touching an intra-day low of Rs.28,351/10 gms and closed its trading session at Rs. 28,482/10 gms yesterday.
Silver: Traded higher by 0.7 percent on the international markets on Tuesday, on the back of weakness in the US dollar index coupled with upbeat sentiments in the markets. The white metal touched an intra-day high of $ 31.88/oz and closed at $31.68/oz yesterday. On the MCX, Silver May contract gained around 0.2 percent and touched an intra-day high of Rs56,291/kg
Outlook: Positive growth forecast from the IMF will lead to upbeat sentiments in the global markets today and on account of this we expect the US dollar index to remain weak. Taking cues from this, we expect gold and silver prices to trade higher today. However, a stronger Rupee may cap gains on the domestic bourses.
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