Tuesday, 12 January 2016

Daily Commodity News on Precious Metals

On Monday, spot gold prices declined by 0.9 percent to close at $1093.9 per ounce on account of strong dollar index, but the metal held around a nine-week high as pressure on stock markets continued to support investors' flight to safety. 

Asian shares sank to their lowest in more than four years on Monday after the People's Bank of China guided the yuan's midpoint rate sharply stronger. Global stock indexes and oil prices also dropped, continuing a brutal start to 2016.

On the MCX, gold prices declined by 0.43 percent to close at Rs.25870 per 10 gms.

Spot silver prices declined by half a percent on Monday to close at $13.9 per ounce in line with decline in gold prices. Strengthening dollar index and weak base metals pack further exerted downside pressure on silver prices.

On the MCX, silver prices declined by 0.47 percent to close at Rs.33664 per kg.

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