Gold
Spot gold prices declined by 0.78 percent on Thursday to close at $1124.9 per ounce as the dollar strengthened after the European Central Bank (ECB) cut inflation forecasts, while a U.S. jobs report that could provide clues on the timing of a Federal Reserve rate rise remained in focus.
The ECB left interest rates unchanged at record lows as expected, but lowered its forecasts for inflation and economic growth, citing a slowdown in emerging markets and weaker oil prices.
On the MCX, gold prices declined by 0.84 percent to close at Rs.26587 per 10 gms.
Silver
Spot silver prices rose by 0.5 percent on Thursday to close at $14.8 per ounce in contrary to the fall in gold prices. Strength in the base metals complex acted as a positive factor for silver prices.
On the MCX, silver prices rose by 0.12 percent to close at Rs.35400 per kg.
Outlook
On an intraday basis, we expect gold prices to trade lower continuing its weakness from the previous trading session. Meanwhile, the Nonfarm payrolls data due to be released will be a close watch for investors.
On the MCX, gold prices are expected to trade lower today.
Contributed by Angel Broking
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