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Commodities Precious Metals

Gold and silver daily review (March 12, 2014)

March 12, 2014, Wednesday, 05:46 GMT | 02:46 EST | 11:16 IST | 13:46 SGT
Contributed by Angel Broking


Gold

Spot gold prices gained around 0.8 percent yesterday taking cues from rising trend in SPDR Gold Holdings. Further, weakness in the DX supported an upside in the prices. Additionally, rise in safe haven demand due to geopolitical tensions between Ukraine and Russia acted as a positive factor.

However, sharp upside in the prices was prevented due to weak market sentiments. The yellow metal touched an intra-day high of $1352.5/oz and closed at $1349.30/oz in yesterday’s trading session.

In the Indian markets, gold prices increased by 0.4 percent touching an intra-day high of Rs.30335/10 gms and closed at Rs.30247/10 gms on Tuesday.


Silver

Taking cues from rise in gold prices along with weakness in the DX, Spot silver prices increased around 0.1 percent in yesterday’s trade.

However, sharp upside in the prices was capped due to downside in base metals complex coupled with weak market sentiments. The white metal touched an intra-day high of $21.29/oz and closed at $20.80/oz in yesterday’s trade.


On the domestic front, prices fell around 0.2 percent yesterday and closed at Rs.45897/kg after touching an intra-day low of Rs.45522/kg on Tuesday.


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, rise in safe haven demand due to geopolitical tensions between Ukraine and Russia will act as a positive factor. 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 support an upside in the prices.

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