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Commodities » Precious Metals

Gold and silver daily review (March 11, 2014)

March 11, 2014, Tuesday, 06:25 GMT | 02:25 EST | 11:55 IST | 14:25 SGT
Contributed by Angel Broking


Gold

Spot gold prices declined marginally around 0.1 percent yesterday taking cues from weak global market sentiments coupled with strength in the DX.

However, sharp downside in the prices was prevented due to rise in gold ETF holdings by 0.9 percent to 812.70 tonnes managed under SPDR Gold Holdings Trust. The yellow metal touched an intra-day low of $1328.86/oz and closed at $1338.50/oz in yesterday’s trading session.

In the Indian markets, gold prices traded on a flat note and slipped marginally due to Rupee appreciation touching an intra-day low of Rs.29956/10 gms and closed at Rs.30123/10 gms on Monday.


Silver

Taking cues from fall in gold prices along with mixed performance in base metals complex, Spot silver prices plunged 0.4 percent in yesterday’s trade. Additionally, strength in the DX exerted downside pressure on the prices.

Further, weak market sentiments continued with downside movement in the prices. The white metal touched an intra-day low of $20.58/oz and closed at $20.80/oz in yesterday’s trade.

On the domestic front, prices fell around 0.5 percent yesterday due to Rupee appreciation and closed at Rs.45973/kg after touching an intra-day low of Rs.45570/kg on Monday.


Outlook

Gold and silver prices are expected to trade on a mixed note today on the back of recovery in gold ETF’s holdings which will support an upside in the prices. Additionally, upbeat market sentiments coupled with weakness in the DX will act as a positive factor. In the Indian markets, appreciation in the Rupee will cap sharp gains or exert downside pressure in the prices.