• Gold and silver daily review (September 16, 2015)


    Spot gold prices declined by 0.31 percent on Tuesday to close at $1105 per ounce as U.S. retail sales data lifted the dollar index, and as caution ahead of this week's Federal Reserve announcement on interest rates kept buyers on the sidelines.

    The Fed meets on Wednesday and Thursday to discuss the timing of the first U.S. rate increase in nearly a decade, which could hurt gold prices. Speculation that a rate rise could come as early as this month has helped knock gold down 6 percent this year, but turbulence in the wider markets and fears of a slowdown in China have called the timing of the move into question.

    On the MCX, gold prices declined by 0.34 percent to close at Rs.26161 per 10 gms.


    Spot silver prices declined marginally by 0.1 percent on Tuesday to close at $14.4 per ounce . The fall is in tandem with falling gold prices and stronger dollar.

    On the MCX, silve prices declined by 0.3 percent to close at Rs.35334 per kg.


    On an intraday basis, we expect gold prices to trade sideways as the outcome of the Fed meeting will be the key event that investors will watch out for probable clues on timing of rate hike.

    On the MCX, gold prices are expected to trade sideways today.

    Contributed by Angel Broking
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