• Gold and silver daily review (September 08, 2015)


    Spot gold prices declined by 0.31 percent on Monday to close at $1119.1 per ounce as stock markets firmed and the dollar steadied, and after U.S. payrolls data failed to provide clarity on the timing of a Federal Reserve rate hike.

    Spot gold lost 1 percent last week and has fallen more than 5 percent this year, largely on expectations for a rise in U.S. interest rates. The Fed has already indicated that the timing of a hike is largely data-dependent.

    On the MCX, gold prices declined by 0.07 percent to close at Rs.26693 per 10 gms.


    Spot silver prices declined by 0.1 percent on Monday to close at $14.6 per ounce. The fall is in line with decline in gold prices coupled with fall in Nickel prices.

    On the MCX, silver prices rose by 1.42 percent to close at Rs.35891 per kg.


    On an intraday basis, we expect gold and silver prices to trade sideways to positive as the recent nonfarm payrolls has left the yellow metal price trajectory in dilemma as Fed has clearly indicated that any interest rate hike would clearly be dependent on the economic data sets released from the country.

    On the MCX, gold and silver prices are expected to trade sideways, although rupee weakness will support the positive movement in domestic markets.

    Contributed by Angel Broking
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