According to Angel, gold and silver prices are expected to trade lower as the optimism in the US economy has brightened the prospects that Federal Reserve might raise interest rates sooner in 2015. Waning investment demand as indicated in the decline in holdings in the SPDR gold trust will also act as a negative factor, says the report.
Bullion
Gold
Spot gold prices traded lower for most of the last week; however prices gained sharply at the end of the week in a thin trading on account of Christmas. Investor holdings in exchange-traded funds backed by gold last week were the lowest since 2009, and $7.68 billion has been wiped from the value of the funds in 2014, indicated towards falling investment demand for the yellow metal.
Strong U.S. growth data lifted the dollar, and gold prices were vulnerable to more losses as appetite for risk boosted equities. The U.S. economy grew at a 5 percent clip in the third quarter, its quickest pace in 11 years and the strongest sign yet that growth has decisively shifted into higher gear.
Liquidity was thin due to the Christmas holiday last Thursday, while Japanese markets were closed on last Tuesday for a public holiday. In the international markets, spot gold prices declined marginally by 0.06 percent and closed at $11994.65/oz.
On the MCX, gold prices gained marginally by 0.28 percent and closed at Rs.27073/10 gms.
Silver
Last week, spot silver prices declined in tandem with fall in gold prices. Strength in the dollar index coupled with weakness in Nickel and Copper prices also acted as a negative factor. Spot silver prices in the international markets declined by 0.12 percent and closed at $16.01/oz.
On the MCX, silver prices gained by 1.02 percent and closed at Rs.37315/kg.
Outlook
On an intraday basis, we expect gold and silver prices to trade lower as the optimism in the US economy has brightened the prospects that Federal Reserve might raise interest rates sooner in 2015. Waning investment demand as indicated in the decline in holdings in the SPDR gold trust will also act as a negative factor.
On the MCX, precious metals pack is expected to trade lower in tandem with fall in international markets.
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