New York: 06:49 || London: 09:49 || Mumbai: 15:19 || Singapore: 17:49

Commodities Precious Metals

Gold and silver daily review (July 23, 2014)

July 23, 2014, Wednesday, 04:43 GMT | 00:43 EST | 09:13 IST | 11:43 SGT
Contributed by Angel Broking


Gold

Spot gold prices fell by around 0.4 percent as global equity markets and a stronger dollar rode a rebound in risk appetite that lifted the S&P 500 to a record high on signs of cooperation from Ukraine's pro-Russian separatists over last week's downing of a Malaysian jetliner.

However, safe haven bids were brought as the situation remained tense in the Middle East with Israel pounding targets across the Gaza Strip on Tuesday, saying no ceasefire was near as top U.S. and United Nations diplomats pursued talks on halting the fighting that has claimed more than 600 lives. Also, holdings in the SPDR Gold Trust rose 1.5 tonnes to 804.84 tonnes on Tuesday restricted sharp fall.

In the Indian markets, gold prices fell by around 0.7 percent in the last session owing to Rupee appreciation.


Silver

Silver prices in the international markets traded on a flat note taking cues from weakness in gold prices and positive trend in the base metals pack. Further, renewed safe haven demand for gold in the latter part held the prices of white metal from falling.

On the MCX, silver prices fell by 0.2 percent taking cues from Rupee appreciation and closed at Rs.45330/kg.


Outlook

On an intraday basis, we expect gold and silver prices to trade sideways today owing to recovery in market sentiments which will act as a negative factor for prices.

While on the other hand, safe haven demand fueled by renewed tension in Libya will support gains.

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

Stock Market Forum