• Gold and silver daily review (September 02, 2015)


    Spot gold prices rose by 0.5 percent on Tuesday to close at $1139.7 per ounce s the dollar and global equities dropped on fresh signs of economic weakness in China and uncertainty over the timing of the Federal Reserve's first interest rate increase in nearly a decade.

    Activity in China's factory sector shrank at its fastest rate in at least three years in August as domestic and export orders tumbled, hitting global markets and increasing fears that the world's second-largest economy may be heading for a hard landing.

    On the MCX, gold prices rose by 0.6 percent to close at Rs.27042 per 10 gms.


    Spot silver prices declined by 0.2 percent to close at $14.6 per ounce in contrary to the fall in gold prices. Weakening dollar on one hand and weak base metals pack are contrasting factors for silver prices.

    On the MCX, silver prices traded flat at Rs.35333 per kg.


    On an intraday basis, we expect gold prices to trade lower on profit booking at higher levels although uncertainty over the timing of interest rates in the US bothers investors. Strengthening dollar will also exert downside pressure on gold prices.

    On the MCX, gold prices are expected to trade lower today.

    Contributed by Angel Broking
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