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Commodities Precious Metals

Gold and silver daily review (February 12, 2014)

February 12, 2014, Wednesday, 05:41 GMT | 00:41 EST | 10:11 IST | 12:41 SGT
Contributed by Angel Broking


Gold
 
Spot gold prices gained around 1.3 percent yesterday on the back of rise in gold ETF’s managed under SPDR Gold Holdings Trust by 0.2 percent to 798.85 tonnes. Further, upbeat market sentiments supported an upside in the prices.
 
Additionally, weakness in the DX acted as a positive factor. The yellow metal touched an intra-day high of $1293.44/oz and closed at $1291.50/oz in yesterday’s trading session.
 
In the Indian markets, gold prices rose around 0.6 percent yesterday touching an intra-day high of Rs.29174/10 gms and closed at Rs.28104/10 gms on Tuesday. Rupee appreciation capped sharp gains in the prices.
 
 
Silver
 
Taking cues from rise in gold prices along with upside in the base metals complex, Spot silver prices gained around 1 percent yesterday. Further, upbeat global market sentiments supported an upside in the prices.
 
Additionally, weakness in the DX acted as a positive factor. The white metal touched an intra-day high of $20.26/oz and closed at $20.20/oz in the yesterday’s trade.
 
On the domestic front, prices surged around 0.1 percent and closed at Rs.44700/kg after touching an intra-day high of Rs.44920/kg on Tuesday. Rupee appreciation capped sharp gains in the prices.
 
 
Outlook
 
Gold and silver prices are expected to trade higher today on the back of upbeat market sentiments coupled with rising trend in holdings. Further, weakness in the DX will act as a positive factor. Additionally, statement by US Fed Chairperson Janet Yellen that slow pace of QE tapering to be continued in future will support an upside in the prices. In the Indian markets, Rupee appreciation will cap sharp gains in the prices.