• Gold and silver daily review (September 28, 2015)


    Last week, Spot gold prices surged by 0.6 percent although 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.

    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 jumped by 1 percent to close at Rs.26734 per 10 gms.


    Spot silver prices declined by 0.53 percent last week to close at $15.08 per ounce.

    The gain is in contrary with rise in gold prices. Stronger dollar and weakness in copper prices acted as a negative factor for silver

    On the MCX, silver prices declined by 0.01 percent to close at Rs.36072 per kg.


    Gold prices are expected to trade sideways today with weak physical demand from India on account of Pitrupaksha while the delayed rate hike from the US Federal Reserve will act as a positive factor.

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

    Contributed by Angel Broking
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