Thursday, 27 August 2015

Gold and Silver Report By Marketmagnify

During early Asian trading hours, comex gold futures are trading marginally higher. For the day, gold market is expected to witnessed range bound trend during Asian and European trading session ahead of US GDP data later today evening. Besides, US personal consumption, initial jobless claims, continuing claims and pending home sales data is due for release. All these data expectations are showing negativity for gold market.

Indian market also declined to an intraday low of Rs. 26225 per 10 gms and settled at Rs. 26471 per 10 gms, down by 1.01%

Since the silver has breached the important support level at $14.30 levels, we can expect further fall in the silver market. Declining industrial demand especially from China is putting pressure on the market. Weakness in base metals sector will further add pressure to the silver market.

MCX silver futures also posted a biggest fall of 3.55% to settle the day at Rs. 33423 per kg
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