• Gold and silver daily review (September 09, 2015)


    Spot gold prices rose by 0.21 percent to close at $1121.4 per ounce as weakness in the dollar index helped the metal snap a four-day losing streak, but bullion remained close to 3-week lows as uncertainty over a looming U.S interest rate hike persisted.

    Gold has failed to attract strong investor interest as a safe haven despite the recent weakness in stocks due to worries over the Chinese economy, showing that the metal is struggling to find direction outside U.S. monetary policy.

    On the MCX, gold prices declined by 0.28 percent to close at Rs.266610 per 10 gms.


    Spot silver prices rose by 1.8 percent on Tuesday to close at $14.8 per ounce. The rise in silver prices is in tandem with rising gold prices coupled with strong base metals pack.

    On the MCX, silver prices rose by 1.42 percent to close at Rs.36400 per kg.


    On an intraday basis we expect gold prices to trade sideways to positive as uncertainty over a looming US rate hike continue to dominate the investor’s sentiment.

    Besides 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 US.

    On the MCX, gold and silver prices are expected to trade sideways to positive.

    Contributed by Angel Broking
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