Precious metals may trade lower on strength in US Dollar
Angel Commodities has come out with its report on bullion. According to the research firm, precious metals are expected on the international markets to trade lower today on account of a stronger dollar and weak sentiments in the global markets due to deepening tensions with respect to Greece and Spain.
Angel Commodities has come out with its report on bullion. According to the research firm, precious metals are expected on the international markets to trade lower today on account of a stronger dollar and weak sentiments in the global markets due to deepening tensions with respect to Greece and Spain.
Gold: Spot gold prices rose sharply by more than 2 percent on the back of technical buying on Thursday. Additionally, a sharp decline in the US factory activity also increased expectations that the Federal Reserve may go for more monetary stimulus which further supported gold prices. The yellow metal touched an intra-day high of $ 1579/oz and ended its trading session at $ 1572/oz on Thursday. On the MCX, Gold June contract gained around 2 percent and hit an intra-day high of Rs. 28,598/10 gms yesterday.Silver: Prices on the international markets surged sharply by almost 3 percent in yesterday’s trading session, taking cues from rise in gold prices and slightly upside in base metals pack. Silver touched an intraday high of $ 28.32/oz and ended its trading session at $ 27.99/oz on Thursday. MCX Silver July contract rose more than 3 percent on account of depreciation in the Indian Rupee and touched an intra-day high of Rs. 53,608/kg yesterday.Outlook: We expect precious metals on the international markets to trade lower today on account of a stronger dollar and weak sentiments in the global markets due to deepening tensions with respect to Greece and Spain. However, depreciation in the Indian Rupee will support upside on the MCX. 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 
Read More
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
