Preciuos Metals preview : Gold & Silver down as sluggish international markets.

Gold and silver were open below to its previous close in morning trade on Friday following apathetic off take from investors and industries driven by sluggish international markets.
MCX Gold was down 0.14 per cent, or Rs 40, at Rs 28,291 per 10 gram around 10.40 am (IST), while MCX Silver was down 0.27 per cent, or Rs 101, at Rs 37,780 per 1 kg.

gold prices are expected to trade between INR 28,100-28,500 per 10 gram. Silver prices might test INR 38,300-600.

world’s largest gold-backed exchange-traded fund, SPDR Gold Shares, latest holdings  declined 5.3 tonnes on Wednesday to 816.1 tonnes, the lowest level since early February. Its Gold reserves have declined more than 12 tonnes

“Bullion counter can trade on volatile path. Meanwhile local currency rupee can also affect the domestic prices. The rupee opened INR 0.05 positive  at 64.38 against dollar on Friday on account of selling of American currency by banks and exporters.
The local currency on Thursday come to 15 paise down at 64.43 against dollar. The RBI, meanwhile, fixed the reference rate for the dollar at 64.4273 and for the euro at 74.1880.
“Gold can move in range of Rs 28150-28400 while silver can move in range of 37300-38000 in near term,”
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