Expect Gold, Silver prices to trade lower: Angel
According to Angel commodities, Gold and Silver prices are expected to trade lower in tandem with fall in international markets.
Angel Commodities' report on bullion
On Tuesday, spot gold prices declined by 1.18 percent to close at $ 1259.7/oz as news that the Greek government had dropped calls for a write-off of its foreign debt sharpened risk appetite, sparking a rally in stock markets.
The metal benefited in earlier trade from gains in other commodities but later came under pressure as interest waned in gold as a haven from risk. Stock markets rallied around the world while the U.S. dollar fell, as the news from Greece eased concerns about growing instability in the euro zone.
Greece's new government proposed ending a standoff with its official creditors by swapping its foreign debt for growth-linked bonds, a week after its election on an anti-austerity platform.
On the MCX, gold prices declined by 1.23 percent and closed at Rs.27498/10 gms.
Spot silver prices rose by 0.5 percent to $17.3/oz on Tuesday in contrary to the fall in gold prices. Weakness in the dollar index and strength in the base metals pack acted as a positive factor for prices.
On the MCX, silver prices rose by 0.23 percent and closed at Rs.38091/kg.
Gold prices are expected to trade lower in today’s session as Greece’s proposal to the creditors to swap it debt with growth linked bonds has cheered the markets reducing the uncertainty in turn investors dumping the yellow metal. Stronger equities and declining safe haven appeal also exerted downside pressure on prices.
On the MCX, gold and silver prices are expected to trade lower in tandem with fall in international markets.
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