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Gold Silver Updates for 24 Oct 2016, Must Check!

Gold Silver Updates for 24 Oct 2016, Must Check!

Gold futures ended higher in the domestic market on Friday as uncertainty surrounding the outcome of the U.S. election & the timing of Federal Reserve’s next interest-rate hike helped to lift investment interest in the yellow metal despite some strength in the U.S. dollar. Currently, Fed futures trading indicate that a solid chance for a Dec move remains priced in to trading. Precious metals, which don’t offer a yield, can see desired diminish compared with investments that bear a yield in a rising-rate climate. At the MCX, gold futures for December 2016 contract ended at Rs 29963/10 grams, upward by 0.18 %, after opening at Rs 29,850, against a last close of Rs 29,910. It touched the intra-day max of Rs 29,975.

Silver futures ended higher in the domestic market on Friday 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 41,998/kg, upward by 0.001 %, after opening at Rs 41,839, against a last close of Rs 41,996. It touched the intra-day max of Rs 42,068.

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