• Gold and silver daily review (September 29, 2015)


    Spot gold prices declined by 1.24 percent on Monday to close at $1131.7 per ounce extending Friday's losses ahead of a key U.S. jobs report later in the week that could boost bets the U.S. Federal Reserve will raise interest rates this year.

    Prices extended Friday's declines made after Fed chair Janet Yellen said she expected to begin raising rates later in 2015. Several Fed officials are scheduled to speak this week, keeping the focus on U.S. monetary policy. Traders will also be closely monitoring economic data, including non-farm payrolls due on Friday, to gauge the strength of the economy.

    On the MCX, gold prices declined by 0.83 percent to close at Rs.26741 per 10 gms.


    Spot silver prices declined by 3.4 percent on Monday to close at $14.6 per ounce. The fall is in tandem with falling gold prices and weak base metals pack.

    On the MCX, silver prices declined by 2.85 percent to close at Rs.35750 per kg.


    On an intraday basis, we expect gold prices to trade lower on profit booking while comments from Janet Yellen about the probability of rate hike sometime later in 2015.

    On the MCX, gold prices are expected to trade sideways tracking international markets.

    Contributed by Angel Broking
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