REVIEW & Outlook:GOLD
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
REVIEW & Outlook:SILVER
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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