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Commodities Precious Metals

Gold and silver daily review (July 22, 2014)

July 22, 2014, Tuesday, 11:02 GMT | 06:02 EST | 14:32 IST | 17:02 SGT
Contributed by Angel Broking


Gold

Spot gold prices gained around 0.1 percent and rose above $1,300 an ounce on Monday as U.S. equities slipped and political tensions intensified after the shooting down of a passenger plane in eastern Ukraine last week and incessant fighting in Gaza.

Bullion rebounded after last week's two-percent drop, as investors took profits after Thursday's strong rally when a Malaysian airliner over Ukraine was shot down and Israel launched a massive ground offensive into Gaza against Hamas militants.

In the Indian markets, gold prices rose by around 0.3 percent in the last session despite Rupee appreciation.


Silver

Silver prices in the international markets traded higher taking cues from strength in gold prices. Also, gains in the base metals apace added an upside to the white metal prices.

On the MCX, silver prices gained 0.5 percent taking cues from strong international markets and closed at Rs.45174/kg.


Outlook

On an intraday basis, we expect gold and silver prices to trade sideways today owing to outlook for higher U.S. borrowing costs amid optimism in the economy which will act as a negative factor for prices.

While on the other hand, safe haven demand fueled by tension in Ukraine and Gaza will support gains.

On the MCX, gold and silver prices are expected to trade sideways taking cues from international markets.

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