Wednesday, 31 December 2014

Commodity Market Gold and Silver Daily Rates

MCX Gold for same months expiry in India, closed higher by 1% to Rs 27050 per 10 gms wherein probably Rupee movement capped larger gains locally.

OUTLOOK: Gold gained yesterday whereas modestly lower than expected US Consumer confidence data, fall in equity markets and modest cut in the Greenback most likely supported the positive move in Bullion during late evening trade. While we believe, traders might have made decent amount of money during the afternoon session on selling, evening session gains took even us by surprise.

Silver MCX contract for March expiry too gained, with the commodity rising by 2.4% to Rs 37335 per Kg.

OUTLOOK: We held selling bias in Silver, wherein we also advised traders to look for buying Gold/Silver Ratio on dips. We were more bearish in silver on expectations subdued Chinese data on PMI which released today morning might continue to put pressure on base metals and also impact silver commodity negatively.
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