Commodities

Gold and silver daily review (February 06, 2013)

Contributed by Angel Broking

Gold

Spot gold prices fell around 0.1 percent yesterday on the back of decline in the safe heaven demand for the yellow metal as a result of rise in risk appetite in the global market sentiments.

However, weakness in the DX cushioned sharp fall in the gold prices. The yellow metal touched an intra-day low of $1,666.36/oz and closed at $1,671.70/oz in yesterday's trading session.

On the domestic bourses, prices declined by 0.5 percent on account of appreciation in the Indian Rupee and closed at Rs.30,153/10 gms after touching an intra-day low of Rs.30,122/10 gms on Tuesday.

Silver

Taking cues from rise in base metals pack along with weakness in the DX, Spot silver prices increased by 0.2 percent. However, sharp upside in the prices was capped on the back of weak performance in the gold.

The white metal touched an intra-day high of $32.12/oz and closed at $31.80/oz on Tuesday.

On the domestic front, prices declined by 0.1 percent on account of appreciation in the Indian Rupee and closed at Rs.58,356/kg after touching an intra-day low of Rs.58,052/kg in yesterday's trading session.

Outlook

In today's session, we expect bullion prices to trade on a positive note on account of rise in risk appetite in the global market sentiments. Additionally, weakness in the DX will also act as a positive factor for the prices. In the Indian markets, appreciation in the Rupee will cap gains or even add downside pressure on the prices.