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Commodities Precious Metals

Gold and silver daily review (July 04, 2014)

July 4, 2014, Friday, 10:15 GMT | 05:15 EST | 13:45 IST | 16:15 SGT
Contributed by Angel Broking


Gold

Spot gold prices declined by 0.58 percent on Thursday after U.S. nonfarm payrolls rose more than expected in June, fueling expectations U.S. interest rates could rise earlier than expected. U.S. employment growth jumped in June and the jobless rate closed in on a six-year low, compelling evidence the economy was growing briskly heading into the second half of the year. Nonfarm payrolls increased by 288,000 jobs and the unemployment rate declined to 6.1 percent.

On the MCX, gold prices declined by 0.72 percent and closed at Rs.27464/10 gms.


Silver

Spot silver prices traded flat in yesterday’s session as traders remained at bay for the outcome of the NFP report. NFP report printed more than market expectations raising economic optimism in turn industrial activity improving.

On the MCX, silver prices declined by 0.9 percent and closed at Rs.44291/kg.


Outlook

On an intraday basis, we expect gold and silver prices to trade sideways as US markets are shut on account of Independence Day holiday. Besides, the trading activity will also remain thin on lack of participation across the global markets.

On the MCX, gold prices are expected to trade sideways in line with sideways trade in international markets.