Expect Gold, Silver to trade lower today: Angel Broking
Angel Commodities has come out with its report on bullion. According to the research firm, Gold and Silver are expected to trade lower today.
April 24, 2012 / 15:50 IST
Angel Commodities has come out with its report on bullion. According to the research firm, Gold and Silver are expected to trade lower today.
Gold: Spot gold prices came under pressure in yesterday’s trading session on account of strength in the US dollar index, as a stronger dollar makes dollar-denominated commodities look expensive for holders of other currencies. Additionally, weak sentiments in the global markets due to rising concerns over Europe’s debt crisis also acted as a negative factor for the yellow metal prices on Monday. On the MCX, Gold June contract rose around 0.5 percent as a weaker Rupee led gains on the domestic platform and touched an intra-day high of Rs.28,805/10 gms yesterday.Silver: Silver prices dropped sharply by 2.8 percent on the international markets on Monday taking cues from strength in the US dollar index along with downside in base metals pack. In addition to this, rise in risk aversion in the markets due to Euro Zone debt worries also exerted further downside pressure on prices. The white metal touched an intra-day low of $30.45/oz and ended its trading session at $ 30.76/oz yesterday. MCX Silver May contract decline around 1.6 percent and touched an intra-day low of Rs55,303/kg. However, depreciation in the Indian Rupee cushioned further fall on the MCX on Monday.Outlook: Re-emergence of concerns with respect to global economic growth will lead to strength in the US dollar index today. On back of this, we expect gold and silver to trade lower. Silver will also take cues from movement in base metals pack. However, depreciation in the Indian currency may lead to rise on the domestic platform.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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