Market Update

Market Watch

Thursday, 17 October 2013

Today's Mcx Market - Gold Silver Update

Gold is looking positive on bargain hunting and prospects of good demand from India ahead of the peak festive season. The metal surged in electronic moves today as US senate leader’s restarted talks to reopen the government and hike the US debt ceiling.

Gold was little changed on Thursday as U.S. lawmakers moved closer to passing a deal that would end a two-week long government shutdown and deflect the country from defaulting on its debt. Gold will drop in each of the next four quarters and reach a four-year low as reduced U.S. stimulus in response to faster growth curbs demand for bullion as a haven, the 10 most-accurate forecasters.

Mcx silver future on last trading session closed at 47321 with gains of 40 rupees. Mcx silver future intraday high was at 47540 while low was near 600 rupee intraday range and closed with gains. Here expect technical bounce back upto 48500.

Mcx gold future on last session closed at 28959 with gains of 73 rupees.mcx gold future intraday high was 29089 while low was 400 rupee intraday range and closed with gains.Here expect rally to continue upto 29200-29500.

The metal has tumbled 29 percent this year. West Texas Intermediate crude rose after Senate leaders reached a deal to increase the U.S. debt ceiling and end the government shutdown. Copper climbed to the highest level in two weeks after the U.S. Senate endorsed an accord aimed at preventing a debt default in the world’s second-largest user of the metal.

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