5/16/2011 05:30:00 PM
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MCX Bullion Trend
On a week-on-week basis, Spot gold prices traded on a flat note mainly on account of strength in the US dollar. But sharp declines were cushioned due to choppy sentiments in the global equity markets. Prices touched a low of $1478.80/oz and ended its trading session at $1494.03/oz last week. On the MCX, Gold June contract gained around 0.4 percent mainly on account of depreciation in the Indian Rupee. Prices touched a high of `22,280/10 gms and closed at `21,927/10 gms in the last week.
Spot Silver traded lower by 0.7 percent last week mainly on the back of strength in the US dollar. Prices touched a low of $32.33/oz and closed at $35.34/oz. Holdings in the iShares Silver Trust, the world’s largest silver-backed ETFs, slipped 24.3 tonnes on 12 May. On the MCX, silver July contract slipped almost 2 percent and touched a low of `49,751/kg in the last week.
Crude Oil Review
In the start of the week, crude oil prices surged mainly due to dollar weakness and heavy floods in the US Mideast which threatened to disrupt US refinery operations. But in mid week, strength in the US dollar and concerns over global oil demand exerted pressure on prices. Again oil traded higher due to short-covering on Friday. Nymex crude oil prices gained 2.5 percent last week and touched a high of $104.60/bbl. On the MCX, crude oil May contract declined around 0.6 percent and touched a low of `4292/bbl in the last week.
Natural Gas Review
On a weekly basis, natural gas prices declined around 0.3 percent on the Nymex mainly due to strength in the dollar coupled with rise in the US natural gas inventories. In addition to this, choppy sentiments in the global equity markets also exerted pressure on gas prices. Report released by the US Energy Department showed that natural gas stocks increased more than expected by 70 billion cubic feet (bcf) for the week ending 7 May. Prices touched a low of $4.109/mmBtu and close at $4.258/mmBtu last week.
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