11 March 2016


GOLD: Gold prices approached near 13 months high in the early morning trade today after rallying 1.22% in yesterday’s trade at COMEX. The prices recovered their intraday losses yesterday after the Euro recovered sharply against the dollar post the comments from the ECB president that there might not be any further rate cuts. Earlier it lowered deposit rates by 10 basis points to -0.4 percent and expanding its asset purchasing programme to 80 billion Euros per month to avoid another recession. The programme will run until at least March 2017. The US dollar index tumbled to a month’s low of 95.94 overnight. SPDR Gold Trust, the world's largest gold-backed exchangetraded fund, said its holdings rose to 25.68 million ounces on Thursday, the highest since August 2014.
Gold Comex: BUY AT 1265-1264 TP 1256 SL 1290
GOLD MCX : BUY AT 29800-29790 TP 30150 SL 29680

SILVER: Silver prices rallied too in lines with gold to end the session higher by 1.20% at MCX and COMEX both. In data released Thursday, US weekly unemployment claims between February 27 and March 5 came in at 259,000, under the forecast of 272,000 and below the psychological 300,000 mark. Earlier during the day the CPI numbers from China also supported the sentiments. Gold/ silver ratio continued to hover above 82 mark.

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