Gold and silver daily review (February 13, 2014)
February 13, 2014, Thursday, 05:25 GMT | 00:25 EST | 09:55 IST | 12:25 SGT
Spot gold prices declined around 0.1 percent yesterday on the back of weak market sentiments in later part of the trade. Further strength in the DX exerted downside pressure on the prices.
However, sharp downside in the prices was prevented due to rising trend in gold ETF’s managed under SPDR Gold Holdings Trust. The yellow metal touched an intra-day low of $1283.79/oz and closed at $1290.60/oz in yesterday’s trading session.
In the Indian markets, gold prices rose around 0.1 percent yesterday touching an intra-day high of Rs.29160/10 gms and closed at Rs.29132/10 gms on Wednesday.
Taking cues from fall in gold prices along with strength in the DX, Spot silver prices slipped marginally yesterday.
However, sharp downside in the prices was restricted due to rise in iShares Silver Trust holdings by 0.4 percent to 10090.68 tonnes coupled with upside in the base metals complex. The white metal touched an intra-day low of $20.06/oz and closed at $20.20/oz in the yesterday’s trade.
On the domestic front, prices surged around 0.3 percent and closed at Rs.44839/kg after touching an intra-day high of Rs.44899/kg on Wednesday.
Gold and silver prices are expected to trade higher today on the back of rising trend in gold and silver ETF’s holdings. Further, weakness in the DX will act as a positive factor. However, sharp upside in the prices will be capped due to mixed market sentiments.
In the Indian markets, Rupee appreciation will cap sharp gains in the prices.