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


    Spot gold prices fell by 0.5 percent on Wednesday to close at $1133.7 per ounce as rebound in the US stock market along with recovery in the market sentiments post steps by the PBoC to boost the flagging economy weighed on the safe haven demand of the yellow metal.

    Also, strength in the dollar after U.S. private employers maintained a steady pace of hiring in August despite recent global financial market turmoil exerted pressure.

    US non-farm employment change in August showed that the world’s largest economy added 190,000 private sector jobs, missing the forecast of 204,000, still the figure is the strongest since June.

    On the MCX, gold prices declined by 0.9 percent to close at Rs.26811 per 10 gms.


    Spot silver prices surged by 0.9 percent to close at $14.7 per ounce in line with gains in the base metals space. However, fall in gold prices along with strengthening dollar restricted gains.

    On the MCX, silver prices traded flat at Rs.35358 per kg.


    On an intraday basis, we expect gold prices to trade higher as investors will keenly await ECB press conference for cues on monetary policy. Also, tentative signs of rising demand after shipments of gold from Switzerland to India more than trebled in July will be supportive. However, strength in the DX will exert downside pressure on gold prices.

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

    Contributed by Angel Broking
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