• Gold and silver daily review (September 30, 2015)


    Spot gold prices declined by 0.4 percent yesterday to close at $1127.1 per ounce as stronger U.S. economic reports renewed speculation about higher interest rates thereby hurting investor appetite in the haven asset. The Conference Board said its index of consumer confidence rose to 103.0 in September from a revised 101.3 in August.

    However, sharp losses were cushioned as most Chinese gold buying takes place between the Golden Week holidays in October. As a result, withdrawals of gold from the Shanghai Gold Exchange—a barometer of Chinese investment and retail demand—have reached 1,891.9 tons so far this year, 560.9 tons more than during the same period last year and 281 tons more than the comparative period in 2013. China imported a net 53.9 tons of gold from Hong Kong in August, more than double the imported quantity in the same month last year

    On the MCX, gold prices declined by 0.94 percent to close at Rs.26490 per 10 gms.


    Spot silver prices rose by 0.3 percent on Tuesday to close at $14.6 per ounce. The rise is in tandem with weakness in the DX and gains in base metals pack. However, falling gold prices capped sharp gains.

    On the MCX, silver prices declined by 0.2 percent to close at Rs.35688 per kg.


    On an intraday basis, we expect gold prices to trade lower as favorable US data raised the probability of rate hike sometime later in 2015. However, increased buying in China ahead of Golden week holiday will buoy support.

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

    Contributed by Angel Broking
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