Gold
Spot gold prices rose by 0.42 percent on Tuesday to close at $1192.8/oz as dollar weakness and fall in global equities ahead of the crucial nonfarm payrolls data later in the week that could clues as to when the Federal Reserve will raise interest rates.
Chicago Fed President Charles Evans provided no clarity on the issue an d said rate increases could begin this year, although with inflation uncomfortably low and the unemployment rate still too high, the U.S. central bank should hold off on raising rates until early next year.
On the MCX, gold prices rose by 0.04 percent to close at Rs.26880/10 gms.
Silver
Spot silver prices rose by 0.9 percent on Tuesday to close at $16.5/oz. Gains in gold prices and weakness in dollar acted as a positive factor for silver prices.
On the MCX, silver prices rose by 0.28 percent to close at Rs.37958/kg.
Outlook
On an intraday basis, we expect gold prices to trade higher as comments from Chicago Fed president Charles Evans to hold off on raising interest rates until early next year raises the safe haven appeal of the yellow metal. Besides, nonfarm payrolls data due to be released this Friday will also be crucial for further trajectory of gold prices.
On the MCX, gold prices are expected to trade higher taking cues from international markets.
Contributed by Angel Broking
Sections
Categories