5/30/2011 05:26:00 PM
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Commodity Updates
Gold June futures on COMEX rose to a three week high of $1,538.5 per troy ounce on Friday amid softer U.S. Dollar and on Japanese sovereign debt rating downgrade by Fitch. The rating agency cut Japan’s outlook to negative from stable citing considerable downside risk to public finances owing to devastation caused by massive earthquake and Tsunami. Silver July futures also rose by 1.43 percent on weaker Dollar Index which made a low of 74.75, the lowest since 11th May, 2011.
Gold Updates
Gold June futures on COMEX rose sharply by 0.89 percent to close at $1,536.3 per troy ounce on 27th May, 2011 from $1,522.8 per troy ounce on 26th May, 2011 on weaker dollar which fell by 1.07 percent on 27th May, 2011 as compared to prior day. Investment demand for the yellow metal fell on 27th May, 2011 and holdings at SPDR Gold ETF saw redemption of 0.91 tonnes.
Silver Updates
Holdings at iShares Silver trust remained unchanged on 27th May, 2011 while Gold/Silver ratio edged down slightly to 40.51 on 27th May, 2011 from 40.71 on 26th May, 2011 indicating that prices of Silver rose more in comparison to Gold. Silver July futures on COMEX rebounded on Friday and rose by 1.43 percent to close at $37.863 per troy ounce on 27th May, 2011 from $37.330 per troy ounce on 26th May, 2011.
Crude Oil Updates
Crude oil July futures on NYMEX rebounded and rose by 0.36 percent to close at $100.59 per barrel on 27th May, 2011 from $100.23 per barrel on 26th May, 2011 on weaker greenback. Libya's strongman Muammar Gaddafi is ready to relinquish power on condition that he and his family are given guarantees of immunity from prosecution, the Arab newspaper Al Sharq Al Awsat reported on Sunday.
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