6/03/2011 05:47:00 PM
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Bullion Updates
Spot gold prices declined around 0.5 percent as the metal witnessed profit-booking on Thursday. But a weaker dollar cushioned sharp decline in the yellow metal. It touched an intra-day low of $1519.60/oz and closed at $1531.90 yesterday. On the MCX, Gold August contract declined 0.7 percent and touched an intra- day low of `21,891/10 gms on Thursday.
Outllook
We expect gold to trade higher today mainly on the back of poor global market sentiments and ongoing Euro Zone debt worries which will increase safe-haven demand.
Silver on the other hand could continue to witness pressure on the back of move by China to increase margins on silver trading coupled with downside in base metals.
Crude Oil Trend
Nymex crude oil traded slightly higher by 0.1 percent on Thursday on account of dollar weakness. Rise in oil prices was capped due to unexpected rise in US crude oil inventories coupled with weak sentiments in the global equity markets. Oil touched an intra-day high of $100.93/bbl and closed at $100.40/bbl yesterday.
We expect crude oil prices to come under pressure today as market sentiments remain choppy ahead of the US jobs report scheduled at 6.00pm IST today. Also, the expected move by OPEC to raise its supply will put pressure on the commodity.
Base Metal
Today, the base metals complex is expected to trade with a negative bias as markets await the crucial unemployment rate data from the US today. On the back of this we expect the DX to recover and thereby add pressure on dollar-denominated commodities. Also, sentiments in the global markets are choppy on account of Euro Zone debt concerns.
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