Expect Gold, Silver prices to trade lower: Angel
According to Angel Commodities, gold and silver prices are expected to trade lower taking cues from weak international markets.
Angel Commodities' report on bullion
On Wednesday, spot gold prices declined by 0.61 percent to close at $1154.1/oz falling for continuous eight session in a row. Prices touched its lowest level in three months on stronger dollar and expectations of higher US interest rates curbed the appetite for the metal.
Higher rates could dent demand for assets that do not pay interest, such as gold, and boost the dollar, which was trading at its highest in nearly 12 years against a basket of major currencies.
On the MCX, gold prices declined by 0.9 percent and closed at Rs.25685/10gms.
Spot silver prices declined by 1 percent on Wednesday to close at $15.5/oz. Dollar strength, weakness in gold prices and profit booking exerted downside pressure on prices.
On the MCX, silver prices declined by 1.82 percent and closed at Rs.35049/kg
The weakness in the precious metals pack for the last eight trading sessions is primarily on account of dollar strength and weak investment demand and this weakness will continue in today’s session also. Hopes of rise in the interest rates in the US is a dominant factor dragging prices further in the coming session.
On the MCX, gold and silver prices are expected to trade lower taking cues from weak international markets.
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