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Commodities » Precious Metals

Gold and silver daily review (February 19, 2014)

February 19, 2014, Wednesday, 10:29 GMT | 05:29 EST | 15:59 IST | 18:29 SGT
Contributed by Angel Broking


Gold

Spot gold prices fell around 0.6 percent yesterday taking cues from speculation that the demand for bars and coins will decline following the price rally.

However, upbeat market sentiments along with weakness in the DX cushioned sharp downside. The yellow metal touched an intra-day low of $1312.34/oz and closed at $1321/oz in yesterday’s trading session.

In the Indian markets, gold prices rose around 0.2 percent yesterday owing to Rupee depreciation touching an intra-day high of Rs.30260/10 gms and closed at Rs.30224/10 gms on Tuesday.


Silver

Taking cues from rise in base metal prices, along with weakness in the DX, Spot silver prices rose more than 1 percent yesterday. Further, upbeat market sentiments acted as a positive factor.

However, further upside in the prices was restricted due to declining trend in iShares Silver Trust Holdings. The white metal touched an intra-day high of $21.96/oz and closed at $21.90/oz in the yesterday’s trade.

On the domestic front, prices gained 0.6 percent yesterday and closed at Rs.48023/kg after touching an intra-day high of Rs.48090/kg on Tuesday.


Outlook

Gold and silver prices are expected to trade higher today on the back of upbeat global market sentiments. Further, weakness in the DX will act as a positive factor.

Also, recovery in ETF holdings of gold and silver will support an upside in prices.