Gold Updates Today - 10 Sept 2013

Gold  has to see a decline phase on second consecutive day as US – Syria war worries eases and India’s rupee rose as much as 5.6 percent in the past four days, the biggest gain since at least 1973, as U.S. jobs data that fell short of estimates tempered concern the Federal Reserve will cut stimulus this month. Non-farm payrolls in the U.S. climbed 169,000 in August, official data showed Sept. 6, trailing the 180,000 median estimate. The Reserve Bank of India last week announced a plan to provide concessional swaps for banks’ foreign-currency deposits to boost the supply of dollars.  

Bullion counters are trading lower on MCX today where Gold has seen a decline of more than 2.5% whereas Silver has suffered more tha 2000 points so far. Prices are likely to continue the same trend till the EOD.


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