Gold
Spot gold prices rose by half a percent on Thursday to close at $111.2 per ounce as European stocks snapped a three-day run of gains, but traders remained cautious as they awaited fresh clues on the timing of a U.S. rate hike.
Prices could fall further ahead of the U.S. Federal Open Market Committee (FOMC) meeting on Sept. 16-17.
On the MCX, gold prices rose by 0.39 percent to close at Rs.26355 per 10 gms.
Silver
Spot silver prices rose by 0.4 percent on Thursday to close at $14.7 per ounce. The rise in silver prices is in line with tandem with rise in gold prices.
On the MCX, silver prices rose by 0.24 percent to close at Rs.36104 per kg.
Outlook
On an intraday basis, we expect gold and silver prices to trade sideways as investors will closely watch out for the US Federal Reserve meeting to be held on 16-17th September which will provide clues about the timing or rate hike.
On the MCX, gold and silver prices are expected to trade sideways today.
Contributed by Angel Broking
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