New York: 18:23 || London: 23:23 || Mumbai: 04:53 || Singapore: 07:23

Commodities Precious Metals

Gold and silver daily review (August 14, 2014)

August 14, 2014, Thursday, 07:00 GMT | 02:00 EST | 11:30 IST | 14:00 SGT
Contributed by Angel Broking


Spot gold prices gained on Wednesday after soft retail sales pointed to some loss of momentum in the U.S. economy, reducing fears among bullion investors that the Federal Reserve may raise interest rates sooner than expected. The metal, however, remained in a narrow range, as signs that tensions in Ukraine and Iraq may be easing helped stock markets in Europe and the United States.

The Commerce Department said retail sales were virtually unchanged in July, in part because of a second straight month of declines. July's reading was the weakest since January 2014.

On the MCX, gold prices declined by 0.15 percent and closed at Rs.28688/10gms.


Spot silver prices declined in yesterday’s session diverging from gains in gold prices. In addition, decline in base metals complex and strength in the base metals complex dragged prices further. Declining speculative interest and profit booking at higher levels also acted as a negative factor.

On the MCX, silver prices declined by around 0.9 percent and closed at Rs.43317/kg.


On an intraday basis, we expect gold and silver prices are expected to trade sideways as fears that the Federal Reserve may soon raise interest rates have subsided. On the other hand, tension in Ukraine and Iraq continue to build the safe haven appeal for the precious metal. Meanwhile, the unemployment claims to be released from the US in the evening session will decide the trajectory of prices.

On the MCX, gold and silver prices are expected to trade sideways taking cues from sideways trade in international markets.

Stock Market Forum