According to Angel Commodities, gold prices are expected to trade lower taking cues from weak international markets.
Gold
Spot gold prices declined by 1.09 percent on Monday to close at $1185.7/oz. The price fall in yesterday's session was the biggest in more than three weeks as strengthening dollar and increasing prospects that the US Federal Reserve may start raising interest rates this year.
Gold, which does not pay any interest, has benefited from a low interest rate environment and central banks' accommodative policies in the years following the 2008-2009 credit crunch.
On the MCX, gold prices declined by 1.13 percent and closed at Rs.26270/10 gms.
Silver
On Monday, spot silver prices declined by 1.7 percent to close at $16.7/oz. The fall in silver prices is in tandem with falling gold prices. Strengthening dollar also acted as a negative factor.
On the MCX, silver prices declined by 2.42 percent and closed at Rs.37466/kg.
Outlook
Continuo's outflows from the SPDR gold trust, strengthening dollar and prospects of rise in the interest rates in the US are all mixtures for gold prices to correct lower in the coming session.
On the MCX, gold prices are expected to trade lower taking cues from weak international markets.
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