Today Commodity Report
Gold prices are trading higher in today’s session after the U.S. Federal Reserve left interest rates unchanged which ended yesterday.Spot gold was little changed at $1,338.87 an ounce at 0112 GMT. Precious metals on Wednesday touched a high of $1,342.18.In a 9-1 vote, the Federal Open Market Committee (FOMC) left the target range on its benchmark Federal Funds Rate unchanged at a level between 0.25% and 0.50%. However, the Fed acknowledged animprovement in the US economy and kept the options open for a rate hike in coming meetings,which might not allow gold to enjoy a sustained up move. Also, the focus has now shiftedtowards tomorrow’s BOJ monetary policy meet, in case it under delivers, the rally is likely toreverse.Gold prices are showing some positive moves, after the broadly expected no rate hike from theUS and the fiscal stimulus by the Japan’s PM. For the day we would recommend staying long but exercising caution near highertechnical resistance levels of RS 31111.Silver was an outperformer in yesterday’s session, with gaining nearly 3.75 % in yesterday’s trade, the white metal broke out of the thinconsolidation. Spot prices rallied towards $20.39/ounce from an intradaylow of $ 19.50. Gold-silver ratio dropped near 64, as the silver gains were higher than ofgold in yesterday’s trade.For the day we recommend buying in silver near 47150 fot the target of 47900.
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