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- Precious, base metals, Crude Oil may trade negative on weak global sentiments
- Taking cues from decline in spot gold prices coupled with weak global market sentiments, Spot silver prices decreased by 0.53 percent today. However, favourable economic data from Germany along with weakness in DX cushioned sharp fall in the prices.
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By Amrita Mashar
The currency markets are playing a vital role in deciding prices of gold and silver in Indian markets.
Rupee's gain by 0.70 percent against US Dollar paused MCX gold rally at Rs.31300 per 10 grams. On the MCX , gold prices are marginally down by 0.33% at Rs.31312 as rupee recoiled by 0.63% to close at nearly 5 month high of Rs.52.46 against the USD.
It's very difficult to determine trend in MCX gold futures due to high volatility in USD/INR movement.
Looking at silver futures, prices are more supportive for the commodity than gold on the MCX.
Gold and silver ratio is once again trading below 50 which is positive for silver and negative for gold prices. In the near term, gold/silver ratio may keep trading below 50 and we can see more appreciation in silver compared to gold.
However, Rupee's gain against USD will put some pressure on silver prices in today's trading session.
Sustained USD selling by exporters amid steady money inflows in local equities, gains were extended for the 4th straight trading session in rupee.
On the another hand, Gold on Comex closed in the positive zone holding minor gains from the previous two sessions. Investors are awaiting cues from central banks and release of job data due this weekend. (Amrita Mashar is Manager-Research, Commodity Online)
