Gold Silver Reports – Gold may open on strong note tracking firm international clues amid decline in greenback. Meanwhile movement of local currency rupee will give further direction to the prices.
Gold can move in range of 29550-30150 while silver can move in range of 40400-41500 in near term. Gold climbed for a 2nd day as assets in bullion-backed funds rose to their highest since December 2013 and Goldman Sachs Group Inc. raised its price forecasts.
Bullion is up 20 percent this year as a slowdown in global growth and the Federal Reserve’s hesitancy to raise interest rates boost its appeal as an alternative asset. Investors are returning to exchange-traded funds, with holdings in gold rising more than 50 metric tons since April 25. Bullion holdings increased 3 tons to 1,806.71 tons as of Tuesday, rising for an 11th straight day. – Neal Bhai Reports