Spot Gold prices rose around 0.6 percent on Tuesday mainly due to China’s move to increase its reserve requirement ratio in order to curb inflation. Additionally, rise in the crude oil prices also increased fears for inflation which provided further support to the yellow metal yesterday. However, sharp gains were not witnessed on account of upbeat global market sentiments. However, appreciation of Indian Rupee led gold to trade lower on the MCX on Tuesday and touched an intra-day low of `22,222/10 gms. Spot Silver gained almost 2 percent as China’s move coupled with upside in the base metals provided support. The white metal touched an intra-day high of $35.58/oz and closed at $35.33/oz on Tuesday. Holdings in the iShares Silver Trust, the world’s largest silver-backed exchange-traded-fund (ETF) declined almost 0.5 percent from Monday to Tuesday to 9,665.52 tonnes.

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