Spot Gold prices traded higher by 0.2 percent today, as growing geo- political worries increased safe-haven demand for the yellow metal. In addition to this, weakness in the US dollar also supported prices. Prices touched an intra-day high of $1432.05/oz and were hovering around $1427.85/oz till 4.00 pm IST today. MCX Gold April contract declined by 0.2 percent and was hovering around ` 0,906/gms. Appreciation in the Indian Rupee exerted pressure on prices on the domestic bourses today.
Base metals complex delivered mixed performance on the LME today, as tensions in Libya exerted downside pressure on prices. But, weakness in the US dollar coupled with positive sentiments in the global financial markets cushioned sharp fall today.
Outlook
Base metals are expected to trade with a positive bias today, mainly on the back of weakness in the US dollar coupled with positive sentiments in the global financial markets. But geo-political tensions will cap sharp gains
Oil prices are expected to trade higher on the back of spreading unrest in the Middle East Additionally, dollar weakness will also be supportive. We expect gold to trade higher, taking cues from weakness in the US dollar and geo-political worries.
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