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Precious Metals Under Pressure on Dollar Strength

ByCommodityOnline
Published 10/21/2011, 09:18 AM
Updated 05/14/2017, 06:45 AM
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Spot gold prices declined 1.4 percent on Thursday and touched an intra-day low of $1603/oz. Prices are trading lower as global markets are now looking forward to measures by European policymakers to deal with the ongoing debt crisis.

The European Summit which is expected to be held on 23 October, could help ease concerns over the European economy as rescue measures will be discussed. This factor has dented the near-term safehaven appeal of gold.

Silver

Silver also came under pressure on Thursday as downside pressure remained not only on the back of decline in gold prices but also because of sharp fall in the base metals pack. Being an industrial metal, silver is susceptible to downside pressure if economic risks persist.

The current market scenario is uncertain, especially ahead of the European Summit where leaders will plan out methods and strategies to come out of the current crisis.

Silver touched an intra-day low of $29.90/oz and closed its trading session at $30.49/oz yesterday. MCX Silver December contract declined around 1 percent as Rupee depreciation led minimal losses on the domestic bourses and touched an intra-day low of Rs.51,180/kg on Thursday.

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