Spot gold prices surged by 1.5 percent in yesterday’s trading session on the back of a weaker dollar. Additionally, rise in crude oil prices also boosted inflation-led demand for gold. The yellow metal hit an intra-day high of $1749/oz and closed its trading session at the level of $1745/oz on Tuesday.
On the MCX Gold April contract witnessed gains of around 1.6 percent yesterday, on account of depreciation in the Indian Rupee and touched an intra-day high of Rs28,404/10 gms.
Silver
Taking cues from rise in gold prices coupled with weakness in the US dollar, spot silver prices also traded higher by 1.6 percent on Tuesday. The white metal touched an intra-day high of $34.33/oz and ended its trading session at the level of $34.20/oz yesterday.
MCX Silver March contract rose sharply by 1.5 percent on Tuesday and touched an intra-day high of Rs57,400/kg. The white metal closed its trading session at Rs57,265/kg yesterday.
Outlook
Gold and silver are expected to trade with a positive bias today, on the back of dollar weakness coupled with rise in risk appetite in the global markets. Silver will also take cues from rise in gold and base metal prices today.
Courtesy: Angel Commodities
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