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Commodities Precious Metals

Gold and silver daily review (February 14, 2014)

February 14, 2014, Friday, 05:29 GMT | 00:29 EST | 09:59 IST | 12:29 SGT
Contributed by Angel Broking


Gold

Spot gold prices increased around 0.9 percent yesterday on the back of rise in gold ETF’s holdings managed under SPDR Gold Holdings Trust by 0.9 percent to 806.35 tonnes. Further, weakness in the DX supported an upside in the prices.

However, sharp upside in the prices was prevented due weak market sentiments in early part of the trade. The yellow metal touched an intra-day high of $1302.4/oz and closed at $1302.3/oz in yesterday’s trading session.

In the Indian markets, gold prices rose around 0.2 percent yesterday touching an intra-day high of Rs.29218/10 gms and closed at Rs.29184/10 gms on Thursday.


Silver

Taking cues from rise in gold prices along with weakness in the DX, Spot silver prices rose by more than 1 percent yesterday. Further, rising trend in iShares Silver Trust holdings supported an upside in the prices.

However, sharp upside in the prices was restricted due to mixed performance in the base metals complex. The white metal touched an intra-day high of $20.51/oz and closed at $20.50/oz in the yesterday’s trade.

On the domestic front, prices surged around 0.2 percent yesterday and closed at Rs.44922/kg after touching an intra-day high of Rs.44990/kg on Thursday.


Outlook

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.