Wednesday, February 29, 2012

MCX Gold & Silver Tips for Tommorow

MCX Gold, the yellow metal declined around 0.2 percent and was trading at Rs 28,819/10 gm till 4.30 pm IST today while MCX Silver prices rose around 0.5 percent and touched an intra-day high of Rs61,412/kg till 4.30 pm IST today.

European Banks received 530 billion Euros at the European Central Bank's (ECB) second-ever offering of 3-year funding today. This 3-year loan is ECB’s step in order to fight the Euro Zone crisis. This will lead to rise in risk appetite in the global markets today. European stocks also traded higher in today’s trading session.

India’s Gross Domestic Product (GDP) increased at slowest pace in three years by 6.1 percent for October to December 2011 as compared to 6.9 percent in July to September quarter. Manufacturing rose by 0.4 percent, farm output climbed by 2.7 percent and construction increased at 7.2 percent in last quarter of 2011.

Spot gold prices traded slightly lower by 0.1 percent today and touched an intra-day low of $1780/oz. However, sharp decline was cushioned on account of a weaker dollar.

Spot silver prices traded higher by 0.6 percent in today’s trading session mainly taking cues from weakness in the US dollar coupled with upside in base metals pack. The white metal touched an intraday high of $37.34/oz and was hovering around $37.09/oz till 4.30 pm IST today. 

MCX Gold & Silver Technical Levels for Tommorow.....CLICK HERE

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