Gold prices rose due to gains in crude oil prices - ZENMoney

Gold prices rose due to gains in crude oil prices on encouraging US job market and manufacturing data along with short-covering triggered a rebound rally from the previous day's losses after the Fed Reserve chief said the US central bank still expects to start scaling back its monetary stimulus later this year. The yellow metal held gains at domestic market on reduced offtake by stockists and jewellers amid a weak global trend.

Silver Prices rose after assurances from the Federal Reserve chief that the central bank would taper its stimulus with care on the back of economic data coming from US. A strengthening dollar against basket of currencies capped the gains in the white metal. The white metal prices fell at domestic market on reduced offtake by stockists and jewellers amid a weak global trend.

Base metals prices traded lower on fears the US government may scale back economic stimulus measures as early as September along with a strengthening US dollar against basket of currencies following better-than-expected US jobless data. Barclays lowered their expectations for base metal price activity in light of a loosening supply-and-demand picture for some industrial metals in the months ahead. The assurances from the Federal Reserve chief that the central bank would taper its stimulus with care supported the base metal prices at lower levels.

Source : Equity Bulls

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