Expect precious metals to trade on a positive note: Angel

Gold: Spot gold prices increased 0.3 percent yesterday on the back of weakness in the DX. The yellow metal touched an intra-day high of $1627/oz and closed at $1622/oz in yesterday’s trading session. On the domestic front, prices gained by 0.3 percent on account of depreciation in the Indian Rupee and closed at Rs.30,113/kg after touching an intra-day high of Rs.30,236/kg on Thursday.

Silver: Taking cues from mixed performance in the base metals complex, Spot silver prices declined by 0.7 percent yesterday. However, further downside in prices was cushioned on the back of upside in gold prices coupled with weakness in the DX. The white metal touched an intra-day low of 28.19/oz and closed at $28.60/oz on Thursday. On the MCX, Silver July contract declined around 1 percent and closed at Rs.54,441/oz in yesterday’s trading session. However depreciation in the Indian Rupee cushion further fall in silver prices.

Outlook: From the intra-day perspective, we expect precious metals to trade on a positive note on account of rise in risk appetite in the global markets coupled with weakness in the DX. On the MCX, depreciation in the Indian Rupee will further support upside in prices.

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