Commodities » Precious Metals
Spot Gold prices declined, albeit marginally on Wednesday to close at $1243/oz.
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Spot Gold prices declined, albeit marginally on Wednesday to close at $1243/oz. On the MCX platform, gold prices declined by Rs 134 to close at Rs 19,000 per 10gms. Smart rally in the global financial markets yesterday led to lower demand for the yellow metal. The global financial markets including the US and the European markets posted strong gains in the equities segment. The Dow Jones gained 254 points, up around 2.5% to close at 10,269 on Wednesday.
OUTLOOK
Gold prices will continue to trade with a positive bias in the medium term. However, on an intra-day basis, the yellow metal prices may consolidate after posting strong gains in the last couple of sessions. Financial markets are expected to continue to trade on a positive note today, and this factor will reduce demand for safer investments like gold and the US Dollar Index (DX) today.
On intraday basis, Spot Gold prices have immediate support at $1239/$1234 whereas resistance is seen at $1251/$1259. Spot Silver prices shall find support at $19.16/$19.00 whereas resistance is seen at $19.51/$19.70 levels.
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