Precious metals end higher

Prices rebound from the previous session's loss

Bullion metal prices ended higher on Monday, 29 July 2013 at Comex. Prices rebounded from the previous session's loss as investors looked to a heavy schedule of central-bank meetings and economic data this week that could shape the near-term price outlook for the precious metal. A weak dollar also boosted prices.

Gold for December delivery ended higher by $7.7 (0.6%) at $1,329.6 an ounce on the Comex division of the New York Mercantile Exchange on Monday.

September silver ended higher by $0.09 (0.5%) at $19.86 an ounce on Monday.

It is a busy week of worldwide economic data points, highlighted by FOMC meeting and the U.S. employment report on Friday. Most expect the Fed will leave its monetary policy unchanged and continue to lean well to the dovish side at this week's meeting. For the U.S. jobs report, the key non-farm payrolls figure is forecast to rise by around 175,000 workers in July.

The U.S. dollar index, which weighs the strength of the dollar against a basket of six other currencies, fell by 0.3% on Monday.

Among economic data expected at Wall Street today, latest data of the day shows that pending home sales for June fell 0.4%, which was better than the 1.7% decrease forecast by the consensus. Today's reading follows last month's revised increase of 5.8%.

At the MCX, gold prices for August delivery closed lower by Rs 334 (1.2%) at Rs 27,240 per ten grams. Prices rose to a high of Rs 27,716 per 10 grams and fell to a low of Rs 27,213 per 10 grams during the day's trading.

At the MCX, silver prices for September delivery closed lower by Rs 508 (1.3%) at Rs 41,346/Kg. Prices opened at Rs 41,854/Kg and fell to a low of Rs 41,281/Kg during the day's trading.

Powered by Capital Market - Live News