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Commodities Precious Metals

Gold and silver daily review (March 10, 2014)

March 10, 2014, Monday, 05:40 GMT | 01:40 EST | 10:10 IST | 12:40 SGT
Contributed by Angel Broking


Gold

Spot gold prices gained by more than 1 percent last week taking cues from rise in safe haven demand on the back of geopolitical tensions between Russia and Ukraine in early part of the week. Further, upbeat global market sentiments coupled with rising trend in SPDR Gold Trust Holdings acted as a positive factor.

However, ease of geopolitical tension between Ukraine and Russia in the latter part added downside pressure on the prices. The yellow metal touched a weekly high of $1354.8/oz and closed at $1339.85/oz in the last trading session.

In the Indian markets, gold prices gained around 0.1 percent in the last week and touched a weekly high of Rs.30660/10 gms before closing at Rs.30130/10 gms on Friday. Rupee appreciation capped sharp gains in the prices on the MCX.


Silver

Taking cues from mixed trend in base metal prices, Spot silver prices plunged 1.4 percent in the last week. Also, fall of 0.4 percent in iShares Silver Trust Holdings exerted downside pressure on prices.

Further, gain in gold prices coupled with upbeat global market sentiments failed to provide respite to fall in the prices. The white metal touched a weekly low of $20.67/oz and closed at $20.89/oz in the last trading session.

On the domestic front, prices fell around 0.3 percent yesterday and closed at Rs.46205/kg after touching a weekly low of Rs.45835/kg on Friday.


Outlook

Gold and silver prices are expected to trade on a mixed note today on the back of recovery in gold ETF’s holdings will support an upside in the prices. While on the other hand weak market sentiments coupled with strength in the DX will act as a negative factor. In the Indian markets, depreciation in the Rupee will cushion sharp fall or support an upside in the prices.

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