5/27/2011 05:24:00 PM
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Gold Updates
Gold June futures on COMEX pared their prior day gains and fell by 0.26 percent to close at $1,522.8 per troy ounce on 26th May, 2011 from $1,526.7 per troy ounce on
25th May, 2011.
Investment Demand remained subdued in the yellow metal even though the U.S. Economy showed weak economic data yesterday. Holdings at SPDR Gold ETF remained unchanged. Prices corrected mainly due to profit booking by investors yesterday once prices reached a 3 week high, however the underlying sentiment remained supportive of the Precious Metal.
Silver Trend
Silver July futures on COMEX also pared their prior day gains yesterday and fell by 0.83 percent to close at $37.330 per troy ounce from $37.642 per troy ounce on 25th May, 2011 as profit booking was seen on the counter once prices made a 2 week high, however Silver will continue to get support from the Euro Zone debt crisis jitters and fragile U.S. economy.
Crude Oil Trend
Crude oil July futures on NYMEX fell by 1.08 percent to close at $100.23 per barrel on 26th May, 2011 from $101.32 per barrel on subdued demand concerns as data released yesterday pointed to a modest U.S. Economic growth coupled with a rise in the U.S. Jobless Claims.
Oil futures rose on NYMEX today on speculation that the global economic recovery will sustain demand for crude, even amid signs of slowing U.S. growth. Group of Eight leaders said the world economy is gaining strength and a weakening dollar boosted the appeal of commodities.
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