Gold
Gold prices slipped to fresh six week lows on Tuesday, as the dollar continued to trade firm amidst optimism of U.S. tax overhaul legislation. Technical based selling weakened the sentiments further in gold after slipping below $ 1270/ounce.
Silver
The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 58,782 contracts in the data reported through Tuesday November 28th. This was a weekly reduction of -8,859 contracts from the previous week which had a total of 67,641 net contracts.
Outlook- Gold prices eventually have broken down from the trading band of $1270-1290/ounce ahead of the employment report and the Fed meeting. The supportive factors like geo political worries around North Korea, weakness in the dollar from time to time and the increasing expectations of a bigger correction on equities have failed to defend the prices from any weakness. Prices in the short term are looking vulnerable to slip lower as the dollar and treasury yields have started to move up. For the day we recommend a sell in gold and silver
Mahindra & Mahindra Financial Services plans to raise up to Rs 3,500 crore through public issue of non-convertible debentures (NCDs).
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