Gold Updates

Gold June futures on COMEX pared their gains and fell slightly by 0.03 percent to $1,535.9 per troy ounce from $1,536.3 per troy ounce on 27th May, 2011 as easing worries of Greece calmed investors of the country becoming the first to default. Earlier futures made weekly high of $1,541.1 per troy ounce on softer greenback which fell by 0.43 percent yesterday. Investment demand receded yesterday with holdings at SPDR Gold ETF showing a 2.42 tonnes of redemption. Rise in the margins at Shanghai Gold Exchange from 3rd June, 2011 also pressurized the yellow metal. However a softer dollar and uncertainty in the Euro Zone and feeble data showing U.S. economy still in doldrums would continue to support the Gold prices.

Silver Trend

Silver July Futures on COMEX on the other hand showed a sharp rise of 1.17 percent to close at $38.305 per troy ounce yesterday from $.37.863 per troy ounce made on 27th May, 2011.

Investment demand remained unchanged yesterday at iShares Silver Trust while the Gold/Silver Ratio edged down to close at 39.98 just above the 100 Day SMA from 40.37 made on 30th May, 2011.

Copper Trend

Copper July Futures on COMEX fell on weak economic data dissipated from the U.S. and negated the weak U.S. dollar to close at $4.1775 per pound, a 0.20 percent decline from $4.1860 per pound made on 27th May, 2011. Copper three month futures on London Metal Exchange also declined yesterday and they fell by 0.22 percent to close at $9,228 per ton from $9,207.5 per ton made on 27th May, 2011.

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