Commodities » Precious Metals
Spot Gold prices gained yet again, touching an intra-day high of $1253/oz on Thursday.
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Spot Gold prices gained yet again, touching an intra-day high of $1253/oz on Thursday. The yellow metal prices closed at $1249/oz towards the end of the session. On the MCX platform, gold prices gained slightly less than the international prices because of the appreciation in the Indian currency. Spot Rupee appreciated by 0.1% on Thursday, to close at 46.72 against the dollar. This factor capped gains in gold prices on the Indian exchanges.
OUTLOOK
Gold prices are expected to trade on a positive note today on the back of weak sentiments in the financial markets. Investors would flock towards safer investments like gold and the DX ahead of the weekend. The US markets will remain closed on Monday on account of Labor Day holiday. If the economic updates from the US come on the negative side, it may trigger downside in the equities segment, and would boost gold prices.
On intraday basis, Spot Gold prices have immediate support at $1244/$1237 whereas resistance is seen at $1254/$1260. Spot Silver prices shall find support at $19.49/$19.30 whereas resistance is seen at $19.76/$19.95 levels.
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