7/01/2011 05:42:00 PM
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MCX Gold Updates
COMEX Gold August futures pared their prior day gains yesterday and fell by 0.50 percent to close at $1,502.8 per troy ounce from $1,510.4 per troy ounce on signs of Greece implementing a program of around €28 billion to avert the imminent default while German banks agreed to roll over a portion of Greek government debt thereby reducing the safe have demand for the yellow metal. Investment demand for the metal remained unchanged as holdings at SPDR Gold ETF remained unchanged yesterday. Spot gold prices declined to a six-week low to trade below $1500/oz today mainly on the back of easing concerns over Greece debt worries which led to rise in risk appetite in globally. Additionally, fall in crude oil prices also reduced inflation fears and affected inflation-led demand for gold. On the MCX, Gold August contract declined almost 1 percent on account of Rupee appreciation. Spot silver prices traded lower by 1.6 percent till 4.00 pm IST today.
MCX Silver updates
COMEX Silver July futures on the other hand took cues from the weaker greenback and rose by 0.18 percent to close at $34.812 per troy ounce from $34.750 per troy ounce the prior day. Investment demand for the white metal was weak yesterday as redemption of 43.96 tonnes was seen in the holdings at iShares Silver trust.
We expect base metals to trade lower today mainly on the back of weak manufacturing data from China and the UK. US manufacturing data is also expected to come on the negative side, leading to further pressure on prices.
Crude oil prices are expected to come under pressure taking cues from increased supply from the IEA and OPEC coupled with demand concerns from China and the US.
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