Spot gold prices declined by more than 1 percent on Monday to a fresh three month lows as gains in the dollar index led to the declining safe haven bids for the yellow metal. Safe-haven buying also dipped after a ceasefire between Ukraine and pro-Russian rebels took effect on Friday, in a move toward ending a conflict that caused the sharpest confrontation between Russia and the West since the Cold war.
In coin investment news, the U.S. Mint said on Monday it will cease accepting dealer orders for its American Eagle platinum bullion coins after Oct. 1 as demand tumbles.
On the MCX, gold prices declined by 0.64 percent taking cues from weak international markets and closed at Rs.27204/10gms.
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Spot silver prices declined by around 0.8 percent yesterday in tandem with decline in gold prices. Strength in the dollar index coupled with easing geo-political tensions led to the declining speculative interest exerting downside pressure on prices.
On the MCX, silver prices gained by 1.2 percent contrary to the fall in the international markets and closed at Rs.41804/kg.
On an intraday basis, we expect gold and silver prices to trade weaker as the economic optimism fueled by a string of positive U.S. economic data had sharply lessened interest in gold. Besides, the investment flow in the commodity has been declining in the recent weeks as indicated by the outflows from the SPDR gold trust.
On the MCX, gold and silver prices are expected to trade lower taking cues from weak international markets.
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