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Commodities Precious Metals

Gold and silver daily review (December 24, 2013)

December 24, 2013, Tuesday, 10:30 GMT | 05:30 EST | 15:00 IST | 17:30 SGT
Contributed by Angel Broking


Gold

Spot gold prices declined around 0.3 percent yesterday on the back of sharp decline in SPDR gold holdings by more than 1 percent to 805.72 tonnes, which is at the lowest level since end of Jan’09.

However, sharp downside in the prices was cushioned due to upbeat market sentiments coupled with weakness in the DX. The yellow metal touched an intra-day low of $1192.54/oz and closed at $1198.60/oz in yesterday’s trading session.

In the Indian markets, prices slipped around 0.7 percent due to Rupee appreciation and closed at Rs.28364/10 gms after touching an intra-day low of Rs.28310/10 gms on Monday.


Silver

Taking cues from weakness in the DX coupled with upbeat market sentiments, Spot silver prices rose around 0.3 percent yesterday. However, sharp upside in prices was capped due to fall in gold prices, mixed performance in base metals complex along with declining trend in silver ETF holdings. The white metal touched an intra-day high of $19.25/oz and closed at $19.40/oz in the yesterday’s trade.

On the domestic front, prices dropped around 0.2 percent due to Rupee appreciation and closed at Rs.43913/kg after touching an intra-day low of Rs.43700/kg on Monday.


Outlook

In today’s session, we expect precious metals to trade on a negative note on the back of declining trend in gold and silver ETF’s holdings. However, sharp downside will be cushioned due to upbeat market sentiments coupled with weaker DX. In the Indian markets, sharp downside in prices will be seen due to Rupee appreciation.