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Commodities Precious Metals

Gold and silver daily review (February 10, 2014)

February 10, 2014, Monday, 06:15 GMT | 01:15 EST | 10:45 IST | 13:15 SGT
Contributed by Angel Broking

Spot gold prices gained around 2 percent in the last week on the back of rising trend in SPDR gold holdings which rose around 0.5 percent to 797.05 tonnes. Further, recovery in the global market sentiments in later part of the trade coupled with weakness in the DX supported an upside in the prices. The yellow metal touched a weekly high of $1273.26/oz and closed at $1266.60/oz in the last trading session of the previous week.
In the Indian markets, gold prices fell by more than 2 percent in the prior week owing to Rupee appreciation touching a weekly low of Rs. 28625/10 gms and closed at Rs.28754/10 gms on Friday.
Taking cues from rise in gold prices along with upside in the base metals complex, Spot silver prices jumped around 4.6 percent in the last week. Further, upbeat global market sentiments coupled with weakness in the DX also supported an upside in the prices.
However, sharp upside in the prices was prevented due to decline in iShares Silver Trust Holdings by 0.5 percent to 10045.79 tonnes in the prior week. The white metal touched a weekly high of $20.2/oz and closed at $20/oz in the last trade of the week.
On the domestic front, prices surged around 2.4 percent and closed at Rs.44369/kg on Friday after touching a weekly high of Rs.45223/kg. Appreciation in the Rupee restricted sharp upside in the prices.
Gold and silver prices are expected to trade higher today on the back of upbeat market sentiments coupled with rising trend in holdings will be supportive for precious metals. Further, weakness in the DX will act as a positive factor.
In the Indian markets, Rupee appreciation will cap sharp gains or even reversal in the prices.