Weaker equities may increase demand for Gold, Silver: Angel
Angel Commodities has come out with its report on international commodities. According to the research firm, in the intraday, one can expect precious metals to trade on a positive note as the weak stock markets may increase the demand for precious metal as protection of wealth.
Angel's report on international commodities
Gold
Spot gold prices increased by 0.9 percent in the yesterday's trading session as the rise in risk aversion in the global market sentiments increased the demand for precious metal as protection of wealth. Further, weakness in DX along with rise in Physical demand supported prices to trade positive. However, expectation among the investors that the US Federal Reserve may start trimming bond buying programme soon caped sharp upside in the prices.The yellow metal touched an intra-day high of USD 1394.66/oz and closed at USD 1392.45/oz in yesterday's trading session.In the Indian markets, prices ended on positive note in the yesterday trading session taking cues from spot gold prices and closed at Rs.26630/10 gms after touching an intra-day high of Rs. 26659/10 gms on Wednesday. Depreciation in the Indian rupee supported prices to trade in green.Also read: MCX Gold June contract trades higherSilver
Taking cues from rise in spot gold prices along with weakness in DX, Spot silver prices increased by 1.1 percent in the yesterday's trading session. However, sharp upside in the prices was capped on the back of unfavourable economic data from Germany, rise in worries over China's economic growth along with weak global market sentiments.The white metal prices touched an intra-day high of USD 22.5 /oz and closed at USD 22.46/oz in yesterday's trade.On the domestic front, prices increased by 1.0 percent taking cues from spot silver prices and closed at Rs. 43707/kg after touching an intra-day high of Rs. 43789/kg on Wednesday.Outlook
In the intraday, we expect precious metals to trade on a positive note as the weak stock markets may increase the demand for precious metal as protection of wealth. Further, weakness in DX along with expectation of rise in US unemployment claims may support prices to trade in green. However, expectation among the investors that the US Federal Reserve may start trimming bond buying programme soon may prevent sharp upside in the prices.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. 
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!
