5/20/2011 05:20:00 PM
Your Advisor
MCX Bullion Trend
Spot gold prices traded lower by 0.2 percent on Thursday, as upbeat sentiments in the global equity markets led investor to flock towards riskier assets. Additionally, falling crude oil prices had also decreased inflation fears which reduced inflation-hedge demand for the yellow metal. Prices touched an intra-day low of $1493.99/oz and closed at $1491.60/oz yesterday. Appreciation in the Rupee led gold to decline further on the MCX on Thursday.
We expect gold to trade slightly higher today mainly taking cues from dollar weakness. But sharp gains will be capped due to positive sentiments in the global equity markets which would made gold less attractive for the investors.
Crude Oil Updates
Nymex crude oil prices declined 1.7 percent on Thursday mainly on the back of weak economic data from the US which has increased the worries about oil demand from the world’s largest economy. Prices touched an intra-day low of $98.16/bbl and closed at $98.44/bbl. On the MCX, crude oil May contract declined around 2 percent and touched an intra-day low of `4416/bbl on Thursday. Appreciation in the Indian Rupee led further losses on the domestic bourses yesterday.
Lead Updates
Lead was the only metal to witness gains on the LME on Thursday. Dollar weakness coupled with upbeat markets sentiment helped lead to rise. The metal gained slightly by 0.1 percent on the LME and touched an intra-day high of $2494/tonne. On the MCX, lead May contract rose 0.2 percent yesterday, touching an intra-day high of `112.40/kg
and closed at `110.80/kg.
Nickel Updates
Nickel was the worst performer of the day, as the prices slipped more than 3.5 percent on the LME. Prices touched an intra-day low of $3,599/tonne and closed its trading session at $23,750/tonne yesterday. On the MCX, the metal declined around 4.5 percent on account of Rupee appreciation and touched an intra-day low of `1065.40/kg on Thursday.
All MCX Tips, ncdex tips, gold price, silver price, commodity tips, commodity news, mcx trend, bullion trend you can get from here.
