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Sensex: 35511.6 +251.30 Gold: Rs.29753.00
Nifty: 10894.7 +77.70 Silver: Rs.38989.00
Gold can move in range of 29500-29850 while silver can move in range of 39000-40200 -
Gold can move in range of 29500-29850 while silver can move in range of 39000-40200
SMC | Published: 18 Oct, 2017  | Source :

Bullion  counter  may  witness  some  short  covering  at  lower  levels  as  movement  of  greenback  can  give  further  direction to  the  prices.   Meanwhile  movement  of  local  currency  rupee  will  give  further  direction  to  the  prices.  Gold  can  move  in range  of  29500-29850  while  silver  can  move  in  range  of  39000-40200  in  near  term.    Gold  prices  inched  up  on Wednesday  from  a  one-week low  with the  dollar  holding  steady ,  but  speculation  that  President  Donald Trump  might pick  a  policy  hawk  to  lead  the  U.S.  Federal  Reserve  weighed  on  the  metal. U.S.  President  Donald  T rump  has  a  pool  of five candidates to choose from  for the next chair of the Federal Reserve and is  likely to announce his choice before going  to  Asia  in  early  November ,  a  source  familiar  with  the  situation  said  on  T uesday .  India's  Multi  Commodity Exchange  (MCX)  on  Tuesday  launched  the  country's  first  gold  options  contract  in  New  Delhi  to  coincide  with  the  goldbuying  festival  of  Dhanteras.

Base  metals complex  may  witness profit  booking  at  higher  levels.  Copper may  trade  in  range  of  456-465.  Aluminum can  move  in  the  range  of  135-138  in  MCX. Nickel  can  move  in  range  of  755-775.  Lead  can  hover  in  the  range  of  160-164.  Zinc may  move  in  range  of 200-203. London  copper  climbed  on Wednesday ,  supported  by demand growth  expectations and relief from a stronger dollar , while markets looked ahead to policy announcements from China's  Communist  Party  conference.  U.S.  industrial  production  rebounded  modestly  in  September  as  the  lingering  effects  of  Hurricanes  Harvey  and  Irma  hobbled  activity  at  factories,  but  the  outlook  for  the  industrial  sector  remains  bullish  amid  a  strengthening  global  economy  and  weakening  dollar .

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.