Market Update

Market Watch

Thursday, 2 January 2014

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Gold stabled on Thursday  but held near a six-month low touched in the previous session after prospects for a global economic recovery prompted investors to abandon the safe-haven metal.

Gold futures jumped 2 percent on Thursday as bargain hunters resurfaced after prices plunged to a six-month low. Silver tracked gold higher and rallied more than 4 percent.

Gold rose after the worst annual loss in more than three decades and oil gained on a drop in U.S. inventories. 
Silver is the second-worst performer in the S&P GSCI Spot Index of 24 commodities, which declined 2.2%. 
 In Mumbai, gold of 99.9 and 99.5 per cent purity advanced by Rs 100 each to Rs 29,630 and Rs 29,480 per ten grams, respectively, while silver lost Rs 460 at Rs 44,540 per kg. 
Today’s Gold and Silver Trends 
Trend: Consolidate | Strategy: Buy on dips
R1- 28770, R2- 29150| S1-28050, S2- 27780
Trend: Consolidate | Strategy: Sell on high
R1- 44850,R2- 45700| S1-42850, S2- 41280

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