Gold
Spot gold prices declined by 1.11 percent on Wednesday to close at $1114.6 per ounce as prices recorded its biggest quarterly loss in a year. U.S. jobs data came in stronger than expected and the market awaited clarity on the timing of a hotly anticipated U.S. interest rate rise.
That capped off gold's worst quarter since the third quarter of 2014, having fallen nearly 5 percent since July. It was its fifth successive quarter of losses, the longest such streak since 1997.
On the MCX, gold prices declined by 1.54 percent to close at Rs.26083 per 10 gms.
Silver
Spot silver prices declined by 0.7 percent to close at $14.5 per ounce. The fall is in tandem with decline in gold prices and stronger dollar index.
On the MCX, silver prices declined by 1.14 percent to close at Rs.35280 per kg.
Outlook
Gold prices are a function of stronger dollar and good economic data from the US which raises the probability of rate hike by the US Federal Reserve.
On the MCX, gold prices are expected to trade lower today.
Contributed by Angel Broking
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