AHMEDABAD (Commodity Online):Precious Metals were positive second consecutivce day on account of Fed Chairman Ben S. Bernanke gave economic outlook and federal budget situation before the house budget Committee said that target range for the Federal Fund Rate at zero to 0.25 which attracted buying into precious metals.
MCX Gold April made high yesterday at 28560 rupees and settled at 28504 rupees and today it made flat opening at 28511 rupees as well as on Comex it managed to settled above $ 1750. MCX Silver made high of 57381 rupees and closed at 57023 rupees and on Comex it managed to cross $34, informed Rushabh Mehta, analyst with Commodity Online.
According to data Greek default worries triggered safe haven buying in the precious metal.Spain sold 4.56bn euros of 3-5 year government bonds at lower yields.About 8bn euros of long-term French bonds were sold against bids worth over 19bn euros,he added.
Further market will today focus ISM Non -Manufacturing PMI which would be released in the later part of today and expectations are of positive data.
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