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Jan 02, 2013, 01.37 PM IST | 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.

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.

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READ MORE ON  Angel Commodities, MCX, Silver, Gold

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