Market Update

Market Watch

Thursday, 14 November 2013

MCX Market News: Gold Rates Set to Hike

Gold expand on gains into a second session on Thursday after Janet Yellen, likely the next chair of the Federal Reserve, indicated the U.S. central bank would continue to support the economy through its stimulus 00measures.

Spot gold rose 0.4 percent to $1,283.76 an ounce by0312 GMT, after snapping a four-day losing streak on Wednesday with a gain of nearly 1 percent.

Silver prices should be underpinned by improving industrial demand in 2014, but they will follow gold lower if the US Federal Reserve begins tapering its stimulus.

Spot silver rose as much as 0.8 percent to $20.78 an ounce, snapping five days of losses, and traded at $20.731. Prices touched to $20.4488 yesterday, the lowest level since Aug. 9. Platinum advanced for a third day, rising 0.5 percent to $1,443.43 an ounce. Palladium rose 0.4 percent to $735.38 an ounce, ending five days of losses.

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