7/26/2011 05:22:00 PM
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MCX Gold Report
COMEX Gold Aug futures made a record high of $1,624.3 per troy ounce yesterday talking cues from the ongoing debt crisis in Euro Zone and U.S. and also on Greece debt rating cut which installed fears in the minds of the investors and they parked funds in the safe haven assets.
Investment demand for the yellow metal remained weak yesterday with holdings at SPDR Gold ETF remaining unchanged. Today the dollar index fell against its major counterparts in the early session of the trade as U.S. President Obama warned of a deeper economic crisis if the U.S. Lawmakers failed to lift the country’s debt limit to avoid a default and also called on divided congressional leaders to compromise and break the deadlock.
MCX Silver Report
Silver is expected to trade slightly higher on account of a weaker dollar. But further gains may be cap on the back of downside in the base metals. COMEX Silver Sept futures continued to soar yesterday following the steps of Gold and rose by 0.60 percent to close at $40.361 per troy ounce after making a high of $41.105 per troy ounce. Future had closed at $40.122 per troy ounce on 22nd July, 2011.
Crude Oil Trend
Crude oil prices are expected to trade slightly higher today mainly on the back of expected fall in US crude oil inventories coupled with weakness in the dollar. Additionally, upbeat markets sentiments will also provide further support. NYMEX Crude Sept futures erased their prior day gains yesterday and fell by 0.67 percent to close at $99.20 per barrel from $99.87 per barrel on 22nd July, 2011 as the inability of Congress to reach an agreement weighed coupled with concerned about the global economy.
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