Market Wrap Gold
Last week MCX Gold broke its three week low extending losses into a five straight session as investors positioned themselves ahead of U.S. jobs data that could help gauge when the Federal Reserve will raise interest rates. The U.S. central bank has said the timing of a rate hike would be data dependent. In Previous week MCX Gold were up by 0.84% and settled at INR 26074 while COMEX gold closed with 0.69% downside. In coming week we can expect bearish movment in Gold if sustain below the level of 26200 then it can test the level of 26000-25800.
Market Wrap Silver
Last week MCX Silver tracked Gold prices for taking cues and witnessed five days straight downfall U.S. job data and central bank comment on interest rate hike that it would completely ecomonic driven and data dependent. Higher U.S. interest rates damages its appeal because it doesn’t pay interest or give returrrns like assets. MCX Silver were down by 0.01% last week and settled at INR 34544 while COMEX Silver closed at USD 15.21 with 1.06% upside. For the coming week we can expect bearish movment in MCX Silver and can test the level of 34400-34000 if it sustain below 34750.
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