News on Gold and Silver …

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Gold prices declined in a quiet session & traded close to their 2-month lows in the international market. Bullions came under pressure from a stronger U.S. dollar and a rally in the global financial markets. The U.S. dollar strengthened, weighing on dollar-denominated commodities as it makes them more expensive for holders of other currencies.

China’s net gold flow from Hong Kong dropped to a 3-year low of 22.107 tons against 40.543 tons in June, due to ample supply and as jewellers waited for bargains, data showed on Monday.

The gold holdings of SPDR gold trust declined to 797.09 tons as on August 25, while that of ishares Silver trust increased to 10,272.89, as on August 20.

Gold futures traded in a range throughout the trading session, as prices earlier declined but re-bounded from above support of 27700, while the upside was capped by resistance line at 27850.

Gold now holds immediate support at 27700 and next at 27470, while upside resistance is seen at 27850 and next at 27950.

Silver futures started the session slightly lower and consolidated in a range in the first-half of the session. However, prices rallied from its lows in the second-half, but major upside was capped by the resistance line at 42050-42200.

Silver futures now hold immediate support at 41740 and next at 41380, while resistance holds at 42200 and next at 42500.

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