• Gold and silver daily review (July 03, 2015)

    Gold

    Spot gold prices declined by 0.24 percent on Thursday to close at $1165.8/oz although data showed the U.S. labor market was weaker in June than expected, indicating that the Federal Reserve may hold off from raising interest rates in September.

    The market was also following developments in the Greek debt crisis, which has so far failed to trigger strong retail demand for the metal, which is often perceived as a safe-haven asset.

    On the MCX, gold prices declined by 0.82 percent to close at Rs.26195/10 gms.


    Silver

    Spot silver prices rose by 1 percent to close at $15.7/oz. Weakening dollar and strength in Nickel prices acted as a positive factor.

    On the MCX, silver prices decline by 0.45 percent to close at Rs.35873/kg.


    Outlook

    On an intraday basis, we expect oil prices to trade sideways as the Nonfarm payrolls data did not come in good as per market expectations delaying the probability of hike in the interest rates in the US.

    Greek debt crisis will continue to be a dominant factor for precious metals till the outcome of the referendum on 5th July.

    On the MCX, precious metals packs are expected to trade sideways today.

    Contributed by Angel Broking
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