• Gold and silver daily review (September 23, 2015)


    On Tuesday, spot gold prices declined by 0.75 percent to close at $1124.6 per ounce on strengthening dollar and renewed expectations that the Federal Reserve will raise U.S. interest rates for the first time in nearly a decade.

    Weakness in other commodities also weighed on gold, which rallied last week after the Fed left rates at ultra-low levels, keeping a lid on the opportunity cost of holding non-yielding bullion. Gold failed to maintain those gains after a Fed official emphasized that a rise had only been postponed.

    On the MCX, gold prices declined by 0.38 percent to close at Rs.26435 per 10 gms.


    Spot silver prices declined by around 3 percent on Tuesday to close at $14.7 per ounce. The fall is in line with declining gold prices and strengthening dollar.

    On the MCX, silver prices declined by 2.5 percent to close at Rs.35267 per kg.


    On an intraday basis, we expect gold prices to trade lower on expectations that the US Federal Reserve might raise interest rates sooner or later this year. Besides, weak demand in India on account of pitrupaksha will act as a negative factor for gold prices.

    On the MCX, gold prices are expected to trade lower today, although rupee weakness in the Indian markets will keep gold prices supportive domestically.

    Contributed by Angel Broking
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