Gold
On Wednesday, spot gold prices rose by 1.66 percent to close
at $1336.5 per ounce extending gains after the U.S. Federal Reserve held
interest rates unchanged but sent a strong signal for monetary policy
tightening before the end of 2016. "The case for an increase in the
federal funds rate has strengthened," the U.S. central bank said in a
statement following a two-day policy meeting. On the MCX, gold prices rose by
0.91 percent to close at Rs.31205 per 10 gms.
Silver
Spot silver prices rose by 2.8 percent on Wednesday to close
at $19.8 per ounce in line with rise in gold prices and weakening dollar index.
On the MCX, silver prices rose by 2.23 percent to close at Rs.47169 per kg.
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Outlook
On an intraday basis, we expect gold prices to trade higher
as US Federal Reserve has stand pat on the policy rate and signaled the
possibility by end of 2016. Besides, weakening dollar will also act as a
positive factor for the yellow metal. On the MCX, gold prices are expected to
trade higher today although international markets are trading lower by around
0.3 percent trading at $1332.72 per ounce.
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