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Commodities Precious Metals

Gold and silver daily review (February 28, 2014)

February 28, 2014, Friday, 05:22 GMT | 00:22 EST | 09:52 IST | 12:22 SGT
Contributed by Angel Broking


Gold

Spot gold prices rose marginally yesterday taking cues from rising trend in gold ETF 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 $1336.1/oz and closed at $1331.10/oz in the yesterday’s trading session.

In the Indian markets, gold prices jumped by 0.2 percent yesterday touching an intra-day high of Rs.30185/10 gms and closed at Rs.30089/10 gms on Thursday.


Silver

Taking cues from rise in gold prices along with upside in the base metals complex, Spot silver prices rose around 0.2 percent yesterday.

Further, weakness in the DX coupled with rising trend in iShares Silver Trust Holdings supported an upside in the prices. The white metal touched an intra-day high of $21.48/oz and closed at $21.30/oz in the yesterday’s trade.

On the domestic front, prices slipped 0.3 percent yesterday and closed at Rs.46505/kg after touching an intra-day low of Rs.46289/kg on Thursday.


Outlook

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

While on the other hand, expectations of slow economic growth from the US in the evening session will cap sharp gains or even reversal in the prices.

In the Indian markets, movement in the Rupee will provide direction to the prices.