• Gold and silver daily review (September 18, 2015)


    Spot gold prices stood near one month highs and surged by 1.1 percent on Thursday to close at $1131.2 per ounce as a weaker dollar ahead of the Federal Reserve decision on rate hike buoyed upside. Besides, declining inflation further bolstered hopes the Federal Reserve would stand pat on interest rates, thereby supporting the yellow metal. Data showing that U.S. inflation unexpectedly fell for the first time in seven months in August.

    The dollar remained under pressure ahead of the conclusion of the closely watched Fed policy setting meeting later in the day amid uncertainty over whether the central bank would hike short term interest rates for the first time in almost a decade.

    On the MCX, gold prices declined by 0.5 percent to close at Rs.26357 per 10 gms.


    Spot silver prices jumped by 1.5 percent on Thursday to close at $15.1 per ounce. The gain is in tandem with rising gold prices and weaker dollar. Also, gains in base metals complex acted as a positive factor.

    On the MCX, silver prices rose by 0.4 percent to close at Rs.36658 per kg.


    On an intraday basis, we expect gold prices to trade higher today as Fed policy makers voted 9-1 to keep the federal-funds rate range unchanged at between 0% and 0.25% while taking notice of wild swings in global markets and weakness in the economies of main trading partners. This came as a boost to the yellow metal as a shift to higher rates would hurt gold and lead to a surge in the dollar.

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

    Contributed by Angel Broking
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