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Metals & Energy Updates

- Asian markets are slightly higher after the sharp declines over the past few days on slowdown concerns from China and worries over Ukraine

- In China, the annual meeting of lawmakers concludes today and data today is expected to show slower growth in industrial output

- Meanwhile, U.S. retail sales report today is expected to show sales rose 0.2%, after dropping 0.4% in January

Precious Metals

- Precious metals continue to inch higher as risk aversion in markets owing to China and Ukraine is keeping safe haven demand strong

- Crimea is preparing for a March 16 referendum that may pave the way for it to join Russia but the G7 is against the legitimacy of the referendum

- Meanwhile, the EU agreed on a framework for its first sanctions on Russia since the Cold War and SPDR holdings fell 1.50 tons to 811.20 tons yesterday

- MCX Gold price has consistently been respecting and holding above the crucial short-term support at 29900 level mentioned in earlier reports. Immediate support is at 30260 above which the intraday trend looks positive

- For Silver, we continue with our bullish bias on Silver and recommend buying on every dip. Immediate strong support is at Rs.46500 followed by major support at Rs.45700 level