GOLD AND SILVER DAILY REVIEW FOR TODAY 23-OCT

Gold

Spot gold prices increased around 2 percent yesterday's due to rise of 0.8 percent in gold ETF holdings managed under SPDR Gold Shares Trust. Further, weakness in the DX supported an upside in prices.

Upbeat market sentiments coupled with expectations of delay in QE tapering program by the Federal Reserve acted as a positive factor. The yellow metal touched an intra-day high of $1344.46/oz and closed at $1340.10/oz in yesterday's trading session.


On the MCX, gold prices traded higher by around 1.2 percent yesterday and closed at Rs.30121/10 gms after touching an intra-day high of Rs.30163/10 gms on Tuesday.


Silver

Taking cues from rise in gold prices along with upside in base metals complex, Spot silver prices surged around 2 percent yesterday. Further, weakness in the DX supported an upside in prices.

Additionally, upbeat global market sentiments coupled with estimates of delay in QE tapering by the Federal Reserve acted as a positive factor. The white metal touched an intra-day high of $22.80/oz and closed at $22.60/oz in yesterday's trading session.

On the MCX, silver prices increased around 1.4 percent and closed at Rs.49884/kg after touching an intra-day high of Rs.49990/kg on Tuesday.

Outlook

In today's trade, precious metals are expected to trade on a higher note on the back of upbeat global market sentiments coupled with weakness in the DX. Further, rise in SPDR Gold holdings of 0.8 percent in yesterday's trade will support an upside in prices. Additionally, estimates of delay in QE tapering program by the Federal Reserve will act as a positive factor. In the Indian markets, appreciation in the Rupee will cap sharp gains in the prices.



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