Gold prices traded firm on Monday to mark fourth consecutive winning day, as the dollar retreated amidst the implementation of tax bills in the ?US. Spot gold recovered towards $ 1264/ounce on Monday recovering from lows of $ 1252/ounce tested on Friday.
The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 9,914 contracts in the data reported through Tuesday December 12th. This was a weekly reduction of -21,512 contracts from the previous week which had a total of 31,426 net contracts.
Outlook- Gold prices are expected to trade firm in today’s trade, while any recovery in the dollar is expected to keep the gains under check, the ease in the geopolitical tensions around Brexit would further ease the global uncertainties at that front. The implementation of tax reforms on gold looks positive at this point of time as the lower tax would lift inflation and support gold prices. In the data release building permits and housing starts from US will be released. For the day we recommend a buy in gold and silver.
Outlook- Gold prices are expected to trade firm in today’s trade, while any recovery in the dollar is expected to keep the gains under check, the ease in the geopolitical tensions around Brexit would further ease the global uncertainties at that front. The implementation of tax reforms on gold looks positive at this point of time as the lower tax would lift inflation and support gold prices. In the data release building permits and housing starts from US will be released. For the day we recommend a buy in gold and silver.
NSE’s volatility index (India VIX), often referred to as a fear gauge, surged to a three-year high of 24.6 on Tuesday.
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