Expect Gold, Silver to trade on higher note: Angel
According to Angel Commodities, precious metal prices are expected to trade on a higher note in today‘s trade, taking cues from sharp rally in prices in morning trade ahead of the US Federal Reserve meeting.
July 31, 2013 / 15:12 IST
Angel Commodities' report on bullion
Gold
Spot gold prices traded on a flat note and declined marginally in the yesterday’s trading session on the back of strength in weak global market sentiments in the later part of the trade acted as a negative factor for prices. Additionally, declining trend in SPDR gold holdings which stands at 927.35 tonnes lowest level since February 2009 exerted downside pressure on prices. The yellow metal touched an intra USD 1317.89/oz and closed at USD 1326.70/oz in the yesterday’s trading session. In the Indian markets, prices gained around 1.5 percent on account of sharp depreciation in the Rupee and closed at Rs.28,705/10 gms after touching a high of Rs.28,770/10 gms on Tuesday.Silver
Taking cues from fall in gold prices along with downside in base metals group, Spot silver prices declined around 0.5 percent yesterday. Further, strength in the DX exerted downside pressure on prices. The white metal touched an intra-day low of USD 19.52/oz and closed at USD 19.71 in yesterday’s trade. On the domestic front, prices rose around 1.3 percent on account of depreciation in the Rupee and closed at Rs.41,663/kg after high of Rs.41,860/kg on Tuesday.Outlook: Precious metal prices are expected to trade on a higher note in today’s trade, taking cues from sharp rally in prices in morning trade ahead of the US Federal Reserve meeting. However, sharp upside in p be capped on account of declining trend in SPDR gold holdings coupled with strength in the DX. In the Indian markets, prices will trade on a higher note on the back of rise in prices in previous trade along with sharp depreciation in the Rupee.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. 
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