• Gold and silver daily review (September 14, 2015)


    Spot gold prices traded lower last week as equities strengthened and the dollar firmed though prices remained hemmed into a narrow range ahead of next week's Federal Reserve meeting.

    The gold market will be closely watching the U.S. central bank's next policy statement on Sept. 17 for clues on the timing of a U.S. interest rate rise.

    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.

    U.S. payrolls data failed to provide clarity on the timing of a Federal Reserve rate hike.

    Last week, spot gold prices in the international markets declined by 1.35 percent to close at $1107.5 per ounce. On the MCX, gold prices declined by 2.13 percent to close at Rs.25967 per 10 gms.


    Spot silver prices traded marginally higher last week in contrary to the fall in gold prices.

    Weakening dollar index coupled with strengthening Nickel prices were governing factors for silver prices trajectory last week.

    Spot silver prices in the international markets rose by 0.27 percent to close at $14.6 1 per ounce. On the MCX, silver prices jumped by 0.46 percent to close at Rs.34935 per kg.


    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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