Commodities » Precious Metals
Spot Gold prices touched a low of $1059/oz on Thursday
By Amar Singh, Reena Walia Nair (Angel Broking)
Spot Gold prices slipped below the crucial $1100/oz mark yesterday as strength in the dollar coupled with risk aversion lowered demand for the yellow metal. Global economies are still struggling with the concern over economic progress and this concern has set in, leading to lower demand for higher-yielding and riskier investment assets.
OUTLOOK
We expect Gold prices to trade with a negative bias on the back of:
- Strength in the US dollar, which is currently trading above the 80 mark.
- Risk aversion in the financial markets that could lead to a sell-off in equities and commodities.
On intraday basis, Spot Gold prices have immediate support at $1045/$1025 whereas resistance is seen at $1080/$1100. Spot Silver prices shall find support at $14.80/$14.35 whereas resistance is seen at $16.05/$16.80.
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