Wednesday, 21 January 2015

Commodity Market Gold and Silver Updates

Gold gained decently near 1% at Comex markets with Feb expiry contract even trying to touch the important $1300 per ounce mark while end of day closed at $1294. Gold commodity for Feb expiry at MCX markets also gained 1.4% to Rs 28085 per 10 Gms.

Silver moved higher along with gold wherein gains were seen about 1.15% to $17.95 per ounce Silver MCX advanced1.3% to Rs 39520 per Kg.

OUTLOOK: Silver moved higher following gold commodity though we feel moderately in underperformed Gold after big gains last week of over 8%. With base metals too trading positive on back of better Chinese GDP data likely that Silver would extend outperformance against the former in coming sessions where traders can look to Sell Gold/Silver ratio on pullbacks. On Silver in intraday, we have planned momentum buying on small dips.
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