Commodities » Precious Metals
Spot Gold prices gained around 1% to close at $1247/oz
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Spot Gold prices gained around 1% to close at $1247/oz yesterday. The yellow metal prices touched a five-week high of $1249/oz on Tuesday as uncertainty in the global financial markets attracted demand for the safe-haven investment. Gold prices on the MCX platform gained slightly more than the international prices on the back of deprecation in the Indian Rupee. Spot Rupee closed at 47.07 against the dollar on Tuesday, after touching an intra-day high of 47.15 against the greenback. The SPDR gold trust reported yesterday that its holdings rose to 1,302.508 tonnes by Aug. 31 against 1,298.556 tonnes as of Aug. 30th.
OUTLOOK
Gold prices will continue to trade with a positive bias in the medium term. Today, the DX is expected to weaken and this factor will also push gold prices to move upwards. Moreover, poor global economic scenario would also influence prices positively.
On intraday basis, Spot Gold prices have immediate support at $1243/$1236 whereas resistance is seen at $1254/$1262. Spot Silver prices shall find support at $19.16/$18.90 whereas resistance is seen at $19.68/$19.83 levels.
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