Monday, 5 January 2015

Daily Gold and Silver Rates in Market

Spot gold prices traded lower last week on stronger dollar and falling oil prices which is reducing the inflation hedge appeal for the yellow metal. Investor holdings in exchange-traded funds backed by gold last week were the lowest since 2009 suggesting falling investment demand for the yellow metal.

On the MCX, gold prices declined by 1.27 percent and closed at Rs.26730/10 gms.

MCX Mar Silver futures continued to trade on downside and ended in a negative zone. It made a high of 37746 against the low of 35698 and finally ended at 36235 levels by forming a “bearish engulfing” candlestick pattern on weekly charts. This development suggests that prices are likely to trade down for coming week and the key support is pegged at 35145 levels, where as a resistance resides at 36670 levels. 

On the MCX, silver prices declined by 2.89 percent and closed at Rs.36235/kg.
Ph: 0731-6619100

No comments:

Post a Comment