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Commodities » Precious Metals

Gold and silver daily review (June 25, 2014)

June 25, 2014, Wednesday, 12:43 GMT | 07:43 EST | 17:13 IST | 19:43 SGT
Contributed by Angel Broking


Gold

Soft German business sentiment data and losses in Equity market led spot gold prices to a two month peak. The yellow metal climbed as investors switched out of equities after Germany's Ifo index of business sentiment fell more than expected in June. Gold later pared gains on encouraging U.S. new home sales and better consumer confidence data.

On the MCX, gold prices rose by 0.19 percent and closed at Rs.27731/10 gms.


Silver

Gains in bullion and escalation of violence in Iraq led spot silver prices to gain by 0.2 percent. However strength in the dollar index and weakness in the base metals pack capped the rally.

On the MCX, silver prices rose by 0.1 percent in line with strength in international markets and closed at Rs.44494/kg


Outlook

On an intraday basis, gold and silver prices are expected to trade sideways as better housing data from the US and the consumer confidence data which represent two third of the US economy marked a positive sentiment which in turn can pressurize gold prices. On the other hand, escalating tensions in Iraq will led to an increasing bullions safe haven appeal acting as a positive factor.

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