Expect gold, silver prices to trade higher: Angel

Angel Commodities' report on bullion

Bullion

Gold

Spot gold prices rose by 0.55 percent on Monday to close at $1188.7/oz. Prices rose for four continuous session to its highest in more than two weeks on dollar weakness and expectations that the hat the Federal Reserve will hold off until at least September to raise interest rates.

Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to the lowest since late January at 744.40 tonnes on Friday. In China, the second biggest consumer, premiums over the London price eased to $4-$5 an ounce, lower than Friday's levels of $6-$7.

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On the MCX, gold prices rose marginally by 0.06 percent to close at Rs.26190/10 gms.

Silver

On Monday, spot silver prices rose by 1.1 percent to close at $16.9/oz. Gains in silver is in tandem with rising gold prices coupled with weak dollar.

On the MCX, silver prices declined marginally by 0.02 percent to close at Rs.37781/kg.

Outlook

On an intraday basis, we expect gold and silver prices to trade higher as expectations of delayed rise in the interest rates by the Federal Reserve will boost sentiments towards precious metals pack. Weak dollar coupled with bargain hunting at lower levels will also act as a positive factor.

On the MCX, precious metals will trade higher taking cues from international markets.

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