Gold
Spot gold prices lost its value by around 0.5 percent on Monday to close at $1133.1 per ounce as strength in stocks and the dollar dampened a rally fueled by the Federal Reserve's decision last week to keep U.S. interest rates on hold.
Gold held in a narrow range earlier this month on uncertainty over whether the Fed would hike rates for the first time in nearly a decade. It rose sharply after the Fed shied away from a hike on Thursday, peaking at $1,141.50 the following day, but has now retreated below that level.
On the MCX, gold prices declined by around 0.46 percent to close at Rs.25636 per 10 gms.
Silver
Spot silver prices traded flat on Monday and closed at $15.2 per ounce. Strength in dollar index and weakening gold prices acted as a negative factor.
On the MCX, silver prices rose marginally by 0.25 percent to close at Rs.36906 per kg.
Outlook
On an intraday basis, we expect gold prices to trade sideways as Federal Reserve decision to hold off rates for the time being coupled with uncertainty over Chinese economy.
On the MCX, gold prices are expected to trade sideways today.
Contributed by Angel Broking
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