MCX Bullion Trend
Spot Gold prices ended slightly lower on Tuesday as investors sold the yellow metal in order to cover losses. During yesterday’s trade Spot Gold prices touched a seven-week high of $1410/oz but slipped by the end of trade. Prices had risen sharply in the last few days and profit-booking at higher levels was inevitable. Geo-political concerns and inflation risks persists and these will continue to boost gold prices in the short-term.
Silver prices too witnessed downside pressure yesterday as the white metal slipped 2.3 percent to close at $33.07/oz after touching a high of $34.30/oz. Prices fell from 31-year high, taking cues from decline in gold prices. Holdings in the iShares Silver Trust fell to 10519.05 tonnes on 18 February.
Precious metals will continue to take support from geo-political concerns which will boost demand from the safe-haven perspective. Rising oil prices raise risk of inflation and this will assure demand for gold as an inflation hedge.
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