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Commodities Precious Metals

Gold and silver daily review (February 25, 2014)

February 25, 2014, Tuesday, 07:01 GMT | 02:01 EST | 12:31 IST | 15:01 SGT
Contributed by Angel Broking


Gold

Spot gold prices rose around 1 percent yesterday taking cues from rise in gold ETF holdings managed under SPDR Gold Holdings Trust which rose around 0.4 percent to 801.61 tonnes.

Further, rise in risk appetite in the market sentiments coupled with weakness in the DX supported an upside in the prices. The yellow metal touched an intra-day high of $1338.60/oz and closed at $1336.60/oz in the yesterday’s trading session.

In the Indian markets, gold prices jumped by 0.8 percent yesterday touching an intra-day high of Rs.30174/10 gms and closed at Rs.30120/10 gms on Monday. Rupee appreciation capped sharp gains in the prices on the MCX.


Silver

Taking cues from rise in gold along with weakness in the DX, Spot silver prices rose by 0.7 percent yesterday. Further, rise in iShares trust Silver holdings by 0.7 percent to 10147.52 tonnes supported an upside in the prices.

Additionally, rise in risk appetite in market sentiments acted as a positive factor. The white metal touched an intra-day high of $22.16/oz and closed at $22.0/oz in the yesterday’s trade.

On the domestic front, prices surged 1.1 percent yesterday and closed at Rs.47985/kg after touching an intra-day high of Rs.48343/kg on Monday.


Outlook

Gold and silver prices are expected to trade on a positive note today on the back of recovery in gold and silver ETF’s holdings. Further, upbeat market sentiments coupled with weakness in the DX will support an upside in the prices.

In the Indian markets, Rupee appreciation will cap sharp gains or even reversal in the prices.