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Sep 26, 2013, 12.27 PM IST | Source: Moneycontrol.com

Expect spot gold prices to trade positive: Sushil Finance

According to Sushil Finance spot gold prices are expected to trade on the positive note on the back of rise in worries over possible federal debt default. Further, US Federal reserve decision to continue with its bond buying programme may support prices to trade in green.

Sushil Finance's report on bullion

A spot gold price increased by 1.32 percent in yesterday’s trading session on the back of weakness in dollar Index. Further, rise in worries over US debt ceiling crisis increased the demand for safe haven. Additionally, US Federal reserve decision to continue with its bond buying programme supported prices to trade in green. However, mixed economic data from globe capped sharp upside in the prices.

In the Indian Markets, gold prices rose by 0.79 percent taking cues from Intl spot gold prices. However, appreciation in the Indian Rupee prevented sharp upside in the prices. Gold prices touched an intraday High of 30290/10gms and closed at 30215/10gms.

Outlook: We expect spot gold prices to trade on the positive note on the back of rise in worries over possible federal debt default. Further, US Federal reserve decision to continue with its bond buying programme may support prices to trade in green. Apart from that, expectation of rise in US unemployment claims may support prices. However, strength in Dollar index may cushion sharp upside in the prices. In the Indian Markets, depreciation in the Indian Rupee may support prices to remain in positive terrain.

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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