5/23/2011 05:24:00 PM
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Gold Updates
Renewed investment demand was seen amid concerns of debt crisis spreading in the Euro Zone Peripheral economies with Fitch and S&P downgrading Greece and Italy. Gold June futures on COMEX pared their prior day losses on 20th May, 2011 and rose by 1.11 percent to close at $1,508.9 per troy ounce from $1,492.4 per troy ounce on 19th May, 2011. Holdings at SPDR Gold ETF increased by 10.61 tonnes on 20th May, 2011. Stronger U.S. Dollar will pressurize the Yellow Metal but with the Greece Crisis in limelight now will provide support.
Silver Updates
Silver July futures on COMEX also pared their prior day losses and rose by 0.44 percent to close at $35.087 per troy ounce on 20th May, 2011 from $34.932 per troy ounce on 19th May, 2011. Redemption continued to be seen in iShares Silver trust and holdings fell by 51.57 tonnes on 20th May, 2011 while a whopping 242.70 tonnes of redemption was seen on 19th May, 2011.
Copper Updates
Copper June futures on COMEX rose by 1.73 percent to close at $4.1185 per pound on 20th May, 2011 from $4.0485 per pound on 19th May, 2011. Copper three month futures on London Metals Exchange rose by 1.62 percent on 20th May, 2011 to close at $9,080 per ton from $8,935.5 per ton the prior day. Copper inventories in Shanghai dipped by 14.5% on a weekly basis to 90,108 tonnes, its counterpart LME showed a decline of 775 tonnes to 466,250 tonnes on 20th May, 2011 which supported the Copper Prices while choppiness in U.S. Dollar on Friday kept the cap on the Red Gold.
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