SENSEX NIFTY
Home » News » Brokerage Recos - Commodities
Nov 27, 2012, 01.03 PM IST | Source: Moneycontrol.com

Silver likely to remain range bound today: Karvy

Karvy Commodities Broking has come out with its report on bullion. According to the research firm, weak US durable goods and weakening manufacturing is likely to toil on gains and hence silver is likely to remain range bound for today’s session.

Karvy Commodities Broking has come out with its report on bullion. According to the research firm, weak US durable goods and weakening manufacturing is likely to toil on gains and hence silver is likely to remain range bound for today’s session.

Silver: Today morning Silver prices are trading marginally up by 0.08 percent at Comex supported by positive Asian equities and higher Chinese industrial profits. Further, European finance ministers cut Greece’s interest rates and gave it more time to pay back rescue loans while dismissing for now calls for debt relief that may be needed to keep the country afloat over the longer term and this may support the shared currency extending support to Silver prices till the evening session. Thereafter, weak US durable goods and weakening manufacturing is likely to toil on gains and hence silver is likely to remain range bound for today’s session.

Gold prices are trading above $1752/oz with a marginal gain of more than 0.50% in Globex. The news on Greece aid plan sparked a wave of relief buying across Asian equities markets on sentiments that Greece will avoid a messy default and exit from the euro-zone for now. Greece's EU and IMF creditors agreed to reduce the country's debt-reduction target by EUR40 billion to 124% of gross domestic product by 2020, an accord needed to free up aid. Other than this, China industrial profits have been increased by 0.50% by recovering from last month contraction. Hence, indication of growing economic condition in China ahead of US GDP number to be release before weekend creating speculation of rising investment demand. Going ahead we expect the optimism will drive the global market high in today session and will support gold prices to continue its upside rally.

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

video of the day

Gung-ho over pharma; see BPCL rise 30-40% more: Dimensions

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.