Yesterday, Commodities revered losses in evening session and started rising as hopes of an imminent Greek debt deal shored up sentiment and comments from Fed Chairman Ben Bernanke indicating sustained accommodative monetary policy lend support.
The euro surged to an eight‐week high to trade above 1.32 against the dollar yesterday by fresh hopes that Greece's debt restructuring would be completed soon.
Bullion Desk feel heated as the Greek government and international creditors are working on the final draft of an agreement on budget and structural measures needed to free up a second aid package.
Gold crossed $1745 and gained 1% whereas Silver gained 0.5% and traded till $34. As the Greek memorandum is to be approved today we expect bullion desk to trade higher till $1765 at COMEX and 28500 at MCX.
Silver is expected to touch $35 at COMEX and 58000 at MCX.
Courtesy: Edelweiss Comtrade Limited Research
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