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Precious Metal Updates for 27 Oct 2016

Precious Metal Updates for 27 Oct 2016

Silver trading range for the day is 41730-42762.Silver dropped as investor appetite for riskier assets such as equities, denting demand for bullion, often considered a safe haven. Data released by the U.S. Department of Commerce showed that new home sales rose 3.1 percent to an annual rate of 593,000.The U.S. central banks next meeting is in November, but a rate hike ahead of the presidential election is seen as unlikely.

Gold trading range for the day is 29681-30077.Gold prices inched down as the U.S. dollar steadied, but underlying demand for bullion was seen as robust ahead of major festivals in India. Bank of England Governor Mark Carney cast doubt on expectations for more monetary stimulus. SPDR gold trust holdings dropped by 1.49% i.e. 14.24 tonnes to 942.59 tonnes from 956.83 tonnes.

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