Commodities

Gold and silver daily review (January 18, 2013)

Contributed by Angel Broking

Gold

Spot gold prices increased around 0.5 percent yesterday on the back of rise in risk appetite in the global market sentiments. Additionally, weakness in the DX also supported an upside in the gold prices.

The yellow metal touched an intra-day high of $1695.56/oz and closed at $1687.30/oz in yesterday's trading session.

On the MCX, Gold February contract declined by 0.4 percent as a result of appreciation in the Indian Rupee and closed at Rs.30,758/10 gms after touching an intra-day high of Rs.30,870/10 gms on Thursday.

Silver

Taking cues from rise in gold prices along with upside in the base metals complex, Spot silver prices gained around 1 percent yesterday.

Further weakness in the DX also acted as a positive factor for the silver prices. The white metal touched an intra-day high of $31.92/oz and closed at $31.70/oz on Thursday.

On the domestic front, prices declined by 0.2 percent on account of appreciation in the Rupee and closed at Rs.59,614/kg after touching an intra-day high of Rs.59,706/kg in yesterday's trading session.

Outlook

From the intra-day perspective, we expect prices to trade on a positive note on the back of rise in risk appetite in the global market sentiments along with weakness in the DX.

However, appreciation in the Indian Rupee will cap sharp gains in the prices on the MCX.