Gold on MCX settled down -0.71% at 29598 dropped sharply as weaker Euro and the stronger Dollar are weighing on gold prices. Worries about the expected monetary policy easing from the ECB and the possibility that the Fed may raise interest rates perhaps as early as June are encouraging investors to take profits.
Gold trading range for the day is 29122-29956.Gold fell as oil prices and world stock markets rose, and expectations for further monetary easing from ECB prompted some investors to take profits.Headwinds in the global economy are likely to deter U.S. policymakers from raising interest rates soon after hiking them in December.
Silver on MCX settled down -0.55% at 37223 slipped as Comex Silver dropped to closed at $15.26 an ounce dropped in the steady session as dollar advanced on expectations of more stimulus from the ECB to bolster economies in the euro zone.
Silver trading range for the day is 36671-37649.Silver dropped amid rallies in global equity markets, dampening the demand ahead of a critical meeting by the European Central Bank's Governing Council.In the U.S., wholesale inventories rose by 0.3% in January, increasing by the highest level since last June and halting a three-month streak of negative moves.
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