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Commodities Precious Metals

Gold and silver daily review (February 18, 2014)

February 18, 2014, Tuesday, 05:33 GMT | 00:33 EST | 11:03 IST | 13:33 SGT
Contributed by Angel Broking


Gold

Spot gold prices increased around 0.8 percent yesterday on the back of rising trend in gold ETF’s holdings managed under SPDR Gold Holdings Trust. Further, weakness in the DX supported an upside in the prices.

Additionally, upbeat market sentiments acted as a positive factor. The yellow metal touched an intra-day high of $1329.72/oz and closed at $1328.50/oz in yesterday’s trading session.

In the Indian markets, gold prices rose around 2.7 percent yesterday touching an intra-day high of Rs.30218/10 gms and closed at Rs.30157/10 gms on Monday.


Silver

Taking cues from rise in gold prices, upside in the base metals complex along with weakness in the DX, Spot silver prices rose around 0.8 percent yesterday. Further, upbeat market sentiments acted as a positive factor.

However, sharp upside in the prices was restricted due to declining trend in iShares Silver Trust Holdings. The white metal touched an intra-day high of $21.98/oz and closed at $21.60/oz in the yesterday’s trade.

On the domestic front, prices surged by more than 2 percent yesterday and closed at Rs.47735/kg after touching an intra-day high of Rs.47931/kg on Monday.


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 has depreciated which will support an upside in the prices.