5/26/2011 05:19:00 PM
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Gold Updates
Spot gold prices rose more than 0.5 percent on Tuesday mainly due to weakness in the US dollar and ongoing Euro Zone debt worries which have fuelled the safe-haven demand for gold. Moreover, choppy sentiments in the global equity markets also led investors to flock away from the riskier assets yesterday. Holdings in the SPDR, the world’s largest gold-backed ETFs rose 0.4 percent on Tuesday. Prices touched an intra-day high of $1527.45/oz and closed at $1524.40/oz.
Silver Updates
Spot Silver prices surged 4.5 percent in yesterday’s trading session mainly taking cues from dollar weakness. Additionally, mixed sentiments in the global equity markets also provided further support. Prices touched an intra-day high of $36.68/oz and closed at $36.62/oz. On the MCX, silver gained around 3.2 percent and closed at RS54,745/kg on Tuesday.
Gold, Silver Outlook
We expect gold and silver to trade higher today mainly on the back of escalating concerns over Euro Zone debt crisis. Additionally, rising crude oil prices will increase the inflation fears which would boost the hedge against inflation demand for gold. But, sharp gains will be capped due to strength in the dollar.
Crude Oil Updates
Crude oil prices are expected to trade higher today mainly on the back of expected decline in US crude oil inventories will support the oil prices. But sharp gains will be capped due to strength in the US dollar and choppy sentiments in the global equity markets.
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