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Precious Metals Report 07th February 2014
Gold prices are slightly higher today but continue to be trade in a broad range as investors await the key Nonfarm payrolls data today 
A stronger euro also supported prices and new buying may emerge as China returns from the Lunar New Year break 
Initial jobless claims fell more than expected yesterday and today’s NFP data may indicate that the economy added 185k jobs in January against a 74k addition in December 
MCX Gold see-sawed once again yesterday, initially rallying towards 28940 level but closing lower towards 28650 area. This choppiness is on account of appreciation of COMEX gold on one hand and depreciation of the dollar against rupee on the other 
For MCX Silver, initially some downside could be seen after sharp rally towards 45100 in the previous session. But, bias looks sideways to up till holds above 43800 level which is acting as a key support
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