3/21/2012 05:51:00 PM
Your Advisor
In Indian commodity MCX both presious metal trade with positive basis, gold almost trade by 0.18% & silver by 0.39%. At the current level both metal looking bullish untill the data will not come. Federal Reserve Chairman Ben Bernanke remained cautious about the outlook of the US. He also stated that even if Europe's debt concerns have eased but the central bank will be prepared to take actions if situation get worse again.
Gold MCX Trend
The yellow metal touched an intra-day low of $1641/oz and closed at the level of $1648/oz yesterday. On the MCX, Gold April contract declined around 0.3 percent on Tuesday and sharp downside was not witnessed on account of a weaker Rupee. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, declined around 0.3 percent to 1,290.25 tonnes by 20th March 2012.
Silver MCX Trend
Spot silver prices dropped sharply by 2.3 percent in yesterday’s trading session taking cues from fall in gold prices coupled with strength in the US dollar. Silver being an industrial metal also took cues from downside
in base metals pack. The white metal touched an intra-day low of $31.76/oz and closed at the level of $32.1/oz on Tuesday. On the MCX,Silver May contract declined around 1.8 percent and touched an intraday low of Rs56,300/kg yesterday.
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