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Commodities Precious Metals

Gold and silver daily review (December 27, 2013)

December 27, 2013, Friday, 04:20 GMT | 23:20 EST | 08:50 IST | 11:20 SGT
Contributed by Angel Broking


Gold

Spot gold prices gained around 0.6 percent yesterday on the back of upbeat market sentiments. Further, weakness in the DX supported an upside in the prices.

However, sharp upside in the prices was capped due to declining trend in the SPDR gold holdings by 0.2 percent to 804.22 tonnes. The yellow metal touched an intra-day high of $1215.7/oz and closed at $1210.30/oz in yesterday’s trading session.

In the Indian markets, prices rose around 0.4 percent and closed at Rs.28576/10 gms after touching an intra-day high of Rs.28697/10 gms on Thursday.


Silver

Taking cues from rise in gold prices coupled with weakness in the DX, Spot silver prices gained around 2 percent yesterday. However, sharp upside in prices was capped due to declining trend in iShares Silver Trust holdings. The white metal touched an intra-day high of $20.02/oz and closed at $19.70/oz in yesterday’s trade.

On the domestic front, prices dropped gained around 1.8 percent and closed at Rs.44776/kg after touching an intra-day high of Rs.45098/kg on Thursday.


Outlook

In today’s session, we expect precious metals to trade on a mixed note on the back of declining trend in gold and silver ETF’s holdings will add downside pressure on the prices. While on the other hand, upbeat market sentiments coupled with weaker DX will act as a positive factor.

In the Indian markets, Rupee depreciation will support an upside in the prices.