EXPECT GOLD, SILVER PRICES TO TRADE LOWER

 Gold

On Thursday, spot gold prices ended marginally higher by 0.07 percent to $1227.6/oz amid conflicting signals as the firm dollar fueled hopes that interest rates will rise sooner or later while weak U.S. economic data spurred safe-haven buying.

The dollar index got was boosted by strong U.S. retail sales numbers and declining jobless claims. Later in the session, however, data showed the net worth of U.S. households fell in the third quarter for the first time in three years, hit by a fall in the value of their stock holdings and rising debts, giving mixed signals on the outlook for consumer spending On the MCX, gold prices rose by 0.25 percent and closed at Rs.27258/10gms.

Silver

 Spot silver prices rose by 0.2 percent to $17.1 in yesterday’s trading session in tandem with rise in gold prices. Strength in the dollar and weakness in Nickel prices however capped upside. On the MCX, silver prices rose by 0.14 percent and closed at Rs.38722/kg.

Outlook

On an intraday basis, we expect gold and silver prices to trade lower as tumbling oil prices reducing the inflation hedge appeal for the yellow metal. Waning investment demand coupled with growth and optimism in the US economy will also act as a negative factor for prices. On the MCX, gold prices are expected to trade lower in tandem with falling international markets.
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