This week Begin commentary with a follow up on last week’s Hybrid forecast for a high in equities. Last week’s commentary gave the details of the forecast for a high in the equity Index that forecast pushed Bullion had to perform under pressure as earlier in the session as the dollar jumped to its highest in nearly three weeks before giving back some gains on expectations the Federal Reserve would hike U.S. interest rates this year.
But a sell-off in equities due to concerns over the Chinese economy provided support for gold towards the end of the Asian session. Gold and Silverin India moved higher, tracking firm overseas prices. The Rupee depreciated against the Dollar and supported upside.
Gold spot rate in India was quoted at Rs. 26,470/10 Grams for 24 carat purity, down by Rs. 70/10 Grams from previous close, while Silver spot rate was quoted at Rs. 35,290/Kg, down by Rs. 805/Kg from previous close.
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