Rupee may exert downside pressure on precious metals: Angel

Angel Commodities has come out with its report on precious metals. According to the research firm, in the domestic markets appreciation in the Rupee will exert downside pressure on the precious metals on MCX.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Masteryourmoney Earnings
moneycontrol.com

Home » News » Brokerage Recos - Commodities

Jan 02, 2013, 01.37 PM | Source: Moneycontrol.com

Rupee may exert downside pressure on precious metals: Angel

Angel Commodities has come out with its report on precious metals. According to the research firm, in the domestic markets appreciation in the Rupee will exert downside pressure on the precious metals on MCX.

Like this story, share it with millions of investors on M3

Rupee may exert downside pressure on precious metals: Angel

Angel Commodities has come out with its report on precious metals. According to the research firm, in the domestic markets appreciation in the Rupee will exert downside pressure on the precious metals on MCX.

Post Your Comments

Share Cancel

(more)

, Angel Commodities |

Angel Commodities has come out with its report on precious metals. According to the research firm, in the domestic markets appreciation in the Rupee will exert downside pressure on the precious metals on MCX.

Gold: International markets remain closed on the eve of New Year celebrations. The US fiscal cliff issue has been resolved which created positive market sentiments. In the domestic markets, MCX Gold prices traded on a positive note due to improved buying by the market participants at the lower levels along with positive sentiments that the US fiscal cliff has been averted. However, appreciation in the Indian rupee capped sharp gains in the gold prices on MCX. MCX Gold prices touched an intra-day high of Rs. per 10 gms and closed at Rs. 30,888 per 10 gms on Tuesday.

Silver: International markets remained closed on the eve of New Year celebrations. MCX Silver prices traded on a positive note taking cues from strength in the MCX gold prices. However, appreciation in the Indian rupee capped sharp gains in the prices. Apart from this the international market remained closed which did not cause much volatility in the domestic market. MCX silver prices gained 0.1 percent and closed at Rs. 57,918 per kg on Tuesday and touched a high of Rs. 57,973/ kg. Depreciation in the Indian rupee supported an upside in the silver prices on MCX.

Outlook: In the intra-day, we expect precious metals to trade higher due to improved buying at lower levels amidst positive market sentiments. Additionally, weakness in the DX is also expected to support an upside in the precious metals. Silver prices might also derive trend from the movement in the base metals pack. In the domestic markets appreciation in the Rupee will exert downside pressure on the precious metals on 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 here

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Rupee may exert downside pressure on precious metals: Angel

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login