Expect Silver prices to trade sideways: Sushil Finance
New York (Sept 15) Silver Outlook - We expect Silver prices to trade sideways as the expectation that the U.S. Federal Reserve and other central banks would hike interest rates earlier than expected could drag prices and at the same time strong dollar against the Rupee could push prices up.
Gold slumped to an eight-month low on Friday, dropping 1 percent as a lack of physical and investment demand and widespread commodities losses weighed on bullion. Bullion fell after data showed U.S. retail sales rose broadly in August and consumer sentiment hit a 14-month high in September, supporting expectations for sturdy economic growth in the third quarter.
We expect gold prices to trade on the negative note as the Bullion market remains under pressure from expectations for a stronger U.S. currency in the longer run and with physical buyers still absent, unwilling to support prices on fresh lows.