Gold prices declined around 0.2 percent on Thursday and touched an intra-day low of $1725/oz. However, weakness in the US dollar cushioned sharp decline in metal prices yesterday. The yellow metal closed its trading session at the level of $1729/oz on Thursday.
On the MCX, Gold April contract rose around 0.6 percent on account of depreciation in the Indian Rupee yesterday. Gold touched an intra-day high of Rs28,511/10 gms and ended its trading session at the level of Rs28,357/10 gms on Thursday.
Silver
Taking cues from fall in gold prices, spot silver prices traded lower by 0.3 percent in yesterday’s trading session. However, dollar weakness and upside in base metals resisted sharp fall in prices.
The white metal touched an intra-day low of $33.64/oz and ended at $33.90/oz on Thursday. However, MCX Silver March contract gained around 0.6 percent on due to a weaker Rupee and touched an intra-day high of Rs57,724/kg yesterday.
Outlook
Gold and silver are expected to trade on a rangebound note today, taking mixed cues from margin cuts from CME and a stronger dollar. Silver will also take cues from movement in base metals. However, on the domestic platform the gold and silver are expected to trade higher on the back of a weaker Rupee.
Courtesy: Angel Commodities
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