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Expect precious metals to trade sideways with upward bias

Angel Commodities has come out with its report on metals and energy. According to the research firm, in today's session we expect precious metals to trade sideways with upward bias on the back of firm global market sentiments along with weakness in the DX.

August 27, 2012 / 01:15 PM IST

Angel Commodities has come out with its report on metals and energy. According to the research firm, in today's session we expect precious metals to trade sideways with upward bias on the back of firm global market sentiments along with weakness in the DX.


Gold: Spot gold prices increased more than 3 percent in the last week on the back of weakness in the DX. Sharp upside in the prices was however restricted due to rise in the risk aversion in the global markets. The yellow metal touched a high of $1,674.80/oz during the week and closed at $1,669.85/oz in the last trading session. On the MCX, Gold October contract gained by 2.4 percent and closed at Rs.30,889/10 gms on Friday after touching a high of Rs.30,899/10 gms in the last week. However, appreciation in the Indian Rupee capped further gains in prices in the domestic markets. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, increased by 0.92 percent and stood at 1286.50 tonnes till August 24, 2012 as against 1274.739 tonnes for the week ending on August 17, 2012.


Silver: Taking cues from rise in gold prices along with upside in the base metals complex, Spot silver prices increased around 9.7 percent during the week. Additionally, weakness in the DX also acted as a positive factor for the silver prices. The white metal touched a high of $30.81/oz in the last week and closed at $30.77 in the last trading session of the week. In the Indian markets, prices gained by more than 6 percent and closed at Rs.56,971/kg on Friday. Appreciation in the Indian Rupee restricted sharp upside in the prices on the MCX. On a weekly basis, holdings in the iShares Silver Trust, declined by 0.9 percent to 9820.81 tonnes on 24th August 2012 from previous level of 9733.39 tonnes on 17th August 2012.


Outlook: In today’s session we expect precious metals to trade sideways with upward bias on the back of firm global market sentiments along with weakness in the DX. In the domestic market depreciation in the Indian rupee keep prices firm in MCX prices.


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To read the full report click on the attachment

first published: Aug 27, 2012 09:55 am
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