MUMBAI (Commodity Online): Spot Gold rose around 1.6 percent on Thursday on the back of dollar weakness. Gold touched an intra-day high of $1767/oz and ended its session at the level of 1762/oz yesterday. MCX Gold increased by 1.4 percent and hit a six-week high of Rs.28,022/10 gms yesterday.
-Rise in gold prices coupled with a weaker dollar led silver trade higher in yesterday’s trading session. Prices touched an intra-day high of $34.84/oz and closed its trading session at $34.5/oz on
Thursday. On the MCX, Silver December contract gained by more than 1 percent and touched an intra-day high of Rs.57,200/kg yesterday.
Holdings in the iShares Silver Trust, the world's largest silver backed exchange-traded fund, declined marginally by 0.1 percent to 9,770.09 tonnes by till 3rd November from the previous 9776.14 tonnes on 2nd November 2011.
Outlook for November 4-Friday
Today, Gold and silver are expected to trade with a positive bias, on account of a weaker dollar. Silver will also take cues from rise in gold prices and upside in base metals.
-MCX gold December support at Rs 27867/Rs 27714 and Resistance at Rs 28140/Rs 28300
-MCX silver December support at Rs 56462/Rs 55725 and Resistance at Rs 57465/Rs 58200
Source: Angel Commodities
