Angel Commodities' report on bullion
Bullion
Gold
On Wednesday, spot gold prices gained marginally by 0.23 percent to close at $1157.9/oz. Prices reversed after touching a four-month low as markets watched the tumble in Chinese stock markets and the unfolding Greek debt crisis.
The price of the yellow metal did not react to the June U.S. Federal Reserve policy meeting minutes that showed officials saying they needed to see more signs of a strengthening U.S. economy before raising interest rates.
San Francisco Fed President John Williams said the Fed will likely raise rates this year but should only do so when there are firmer signs inflation is headed back up toward the central bank's 2 percent target.
On the MCX, gold prices gained by 0.7 percent to close at Rs.26213/10gms.
Silver
Spot silver prices rose by 0.6 percent on Wednesday to close at $15.1/oz in tandem with rise in gold prices. Weakening dollar and positive copper prices acted as a positive factor.
On the MCX, silver prices rose by 0.94 percent to close at Rs.35789/kg.
Outlook
On an intraday basis, we expect gold and silver prices to trade lower continuing its weakness in the recent trading sessions. Although, the minutes of the US Federal Reserve said that no interest rate hike is possible as the economy needs to see more signs of strength is something that markets will ponder closely.
On the MCX, gold and silver prices are expected to trade lower today taking cues from weak international markets.
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