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Gold & Silver Important Updates for 28 Oct 2016

Gold & Silver Important Updates for 28 Oct 2016

Gold futures ended higher in the domestic market on Thursday as weaker-than-expected orders for U.S. durable goods raised some uncertainty over an interest rate hike before the end of the year.

Higher prospects for an interest rate increase at the Fed’s December meeting have been pressuring prices on gold, which provides no yield. Also, India is celebrating the Dhanteras and Diwali holidays that tend to boost gold demand for gift giving.

At the MCX, gold futures for December 2016 contract ended at Rs 29931/10 grams, upward by 0.33 %, after opening at Rs 29,846, against a last close of Rs 29,834. It touched the intra-day max of Rs 29,962.

Silver futures ended higher in the domestic market on Thursday after participants increased their bets amid firming global trends. Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas.

At the MCX, silver futures for December 2016 contract ended at Rs 42,269/kg, upward by 0.36 %, after opening at Rs 42,026, against a last close of Rs 42,116. It touched the intra-day max of Rs 42,320.

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