Wednesday, 24 August 2016

Commodity Market ; Gold Prices Hold up Well, Silver remains Vulnerable

This morning the base metals remain little changed, zinc is off 0.4 percent at $2,293, nickel is up 0.2 percent and the rest are between plus or minus 0.1 percent. Volume has picked up to 4,330 lots, up from an average of 3,013 lots last week. For more Latest Live Indian Commodity Market News and free bullion trading tips just click here www.marketmagnify.com/freetrial.php or give a One Missed Call @7879881122.

Precious metals are mixed, gold prices are off 0.1 percent, silver is little changed, while the PGMs are up around 0.4 percent. Equities turned bullish again yesterday with the Euro Stoxx 50 up 1.1 percent, the Dow closed up 0.1 percent, but this morning Asia is mixed. The Nikkei is up 0.5 percent, the ASX 200 is up 0.1 percent, the CSI 300 is off 0.1 percent, the Kospi is down 0.3 percent and the Hang Seng is down 0.8 percent.

Gold was trading in a narrow range on Wednesday as investors waited for clues on whether the US Federal Reserve would hike interest rates this year. Spot gold was flat at $1,337.30 an ounce at 0335 GMT. US gold slipped 0.3 per cent to $1,341.60 an ounce. Spot gold may revisit its August 22 low of $1,331.35 within the next 24 hours, according to Reuters technical analyst Wang Tao.

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