Spot Gold prices traded higher by 0.2 percent today, mainly on the back of weakness in the US dollar. But sharp gains were capped due to stable sentiments in the global equity markets. Prices hits an intra- day high of $1537.80/oz and are hovering around $1536/oz till 4.00 pm IST. On the MCX, Gold Jun contract traded on a flat note and was hovering around `22,280/kg today.
Crude oil prices traded slightly higher by 0.2 percent on the Nymex today, on account of weaker dollar and stable global financial markets. Prices touched an intra-day high of $112.88/bbl and closed at $112.82/bbl till 4.00 pm IST. On the MCX, oil prices traded lower by 0.1 and touched an intra-day low of Rs4994/bbl today.
The LME is closed today for Britain's royal wedding and this will led less volatility in base metals trading today. Due to this factor, base metals are expected to trade sideways today.
Crude oil prices are expected to come under pressure today, on the back of demand concerns from the US. But sharp declines will be cushioned due to dollar weakness. We expect gold to traded higher today mainly on account weakness in the dollar on the back of low interest rates. Inflationary pressure will also boost inflation- hedge demand for gold.
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