Angel Commodities' report on bullion:
GoldSpot gold prices increased declined by around 0.5 percent in yesterday's trading session on the back of rise in risk aversion in the global markets. The yellow metal touched an intra-day low of USD 1366.65/oz and closed at USD 1379.0/oz in yesterday's trade. However, sharp downside in prices was cushioned on account of weakness in the DX. Further, expectations that central banks over the globe will not add more stimulus measures added downside pressure. In the Indian markets, prices ended on a negative note, declining 0.4 percent and closed at Rs.27892/10 gms after touching an intra-day low of Rs. 27678/10 gms on Tuesday. Depreciation in the Rupee prevented sharp fall in prices on the MCX. Silver
Taking cues from fall in gold prices along with downside in base metals group, Spot silver prices fell 1.4 percent in yesterday's trade. The white metal touched an intra-day low of USD 21.45/oz and closed at USD 21.60/oz in yesterday's trading session. However, sharp downside in prices was prevented as a result of weakness in the DX. On the domestic front, prices dropped 1.2 percent and closed at Rs.43,611/kg after touching an intra-day low of Rs.43,307/kg on Tuesday. Depreciation in the Rupee restricted sharp fall in prices on the MCX. Outlook
In today's trade, gold and silver prices are expected to trade with an negative bias on the back of weak global markets. Further, strength in the DX will also add downside pressure on prices. Additionally, fall in SPDR gold holdings will act as a negative factor. In the Indian markets, sharp downside in prices will be prevented on account of depreciation in the Rupee and will take major cues from the Rupee movement. 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.
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