5/17/2011 05:36:00 PM
Your Advisor
MCX News
Spot Gold traded lower around 0.4 percent mainly tracking strength in the US dollar. It touched an intra-day low of $1493.40/oz and were trading at $1488.45/oz till 4.00 pm ISD. On the MCX, Gold June contract gained around 0.1 percent and touched an intra-day high of `22,034/10 gms today.
Base metals complex delivered a mixed performance on the LME today with lead and nickel trading in the green while copper aluminium and zinc trading in the red. Weak sentiments in the global equity markets, Euro Zone debt concerns and dollar strength exerted pressure on the metal prices. Copper is the worst performer of the day, as the metal declined around 0.4 percent on the LME and touched an intra-day low of $8720/tonne till 4.00pm IST. On the MCX, Copper May contract declined 0.6 percent and touched an intra-day low of `396/kg today.
We expect base metal and crude oil prices to come under pressure in today’s trading session mainly on the back of a stronger dollar, increasing Euro Zone debt concerns and weak sentiments in the global equity markets.
We expect gold to trade lower today mainly due to strength in the US dollar. Moreover, falling oil prices will also decrease inflation-hedge
demand for gold.
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Spot Gold traded lower around 0.4 percent mainly tracking strength in the US dollar. It touched an intra-day low of $1493.40/oz and were trading at $1488.45/oz till 4.00 pm ISD. On the MCX, Gold June contract gained around 0.1 percent and touched an intra-day high of `22,034/10 gms today.
Base metals complex delivered a mixed performance on the LME today with lead and nickel trading in the green while copper aluminium and zinc trading in the red. Weak sentiments in the global equity markets, Euro Zone debt concerns and dollar strength exerted pressure on the metal prices. Copper is the worst performer of the day, as the metal declined around 0.4 percent on the LME and touched an intra-day low of $8720/tonne till 4.00pm IST. On the MCX, Copper May contract declined 0.6 percent and touched an intra-day low of `396/kg today.
We expect base metal and crude oil prices to come under pressure in today’s trading session mainly on the back of a stronger dollar, increasing Euro Zone debt concerns and weak sentiments in the global equity markets.
We expect gold to trade lower today mainly due to strength in the US dollar. Moreover, falling oil prices will also decrease inflation-hedge
demand for gold.
Click Here for Free Commodity tips, Mcx tips, Ncdex tips, mcx bullion tips, commodity free tips, intraday mcx tips, bullion tips, bullion trend, gold tips, silver tips.
