Tuesday, 8 July 2014

Today's Mcx, Bullion and Commodity Market Outlook

Spot gold declined on Monday on stronger than expected jobs data that has raised expectations of an early interest rate hike. The dollar index also neared a two week high after a government report showed that the US jobless rate was near a 6 year low suggesting bright economic prospects.

On the MCX, gold prices declined by 0.24 percent and closed at Rs.27490/10 gms.

Spot silver prices declined by 0.4 percent in line with weakness in bullion prices. In addition, the strength in the dollar index on optimistic data in the recent weeks acted as a negative factor. Weakness in copper and nickel prices further exerted downside pressure. 

On the MCX, silver prices gained marginally by 0.3 percent in contrary to the gains in international markets and closed at Rs.44780/kg. 

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