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Commodities Precious Metals

Gold and silver daily review (April 03, 2014)

April 3, 2014, Thursday, 06:26 GMT | 01:26 EST | 10:56 IST | 13:26 SGT
Contributed by Angel Broking


Gold

Spot gold prices gained on Wednesday on bargain hunting in the precious metal after two straight days of losses. Possibility of higher inflation pressure on account of good data for US jobs and factory orders in March supported gold prices.

However, sharp gains in prices were capped on account of fall in SPDR gold holdings. The SPDR ETF recorded a 2.1 tonne drop in holdings on Tuesday, bringing total bullion it held to 810.98 tonnes, the lowest since early March.

On the MCX, gold prices gained by 0.4 percent and closed at Rs.28184/10gms.


Silver

Tracking gains in gold prices even spot silver prices gained by 1.2 percent, as the base metal complex traded positive in yesterday’s session. Positive economic data from the US is helping the industrial metal to rise further.

In the Indian markets, silver prices gained by 1.3 percent taking cues from international markets and closed at Rs.43135 /kg.


Outlook

From an intraday perspective, we expect gold and silver prices to trade positive on possibility of inflation pressures in the US on acount of good jobs data from US and factory orders. Meanwhile investors will watch for the Non-farm payrolls data due tomorrow. Precious metals pack will take cues from the NFP data. Positive data will pressurize the prices while negative data will lift the prices.

On the MCX, we expect prices to trade higher tracking cues from international markets.

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