7/11/2011 05:16:00 PM
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MCX Trend
Data released on Saturday morning showed the inflationary pressures continued to haunt the Dragon Country as Consumer Price Index rose by 6.4 percent on yearly basis in June, 2011 and accelerated at the fastest pace in three years. Analysts were expecting the index to rise by 6.2 percent from 5.5 percent rise in the prior month.This came after a recent interest rate hike from China and has increased the expectation of another rate hike in this year.
Bullion Review
Bullions are expected to trade higher today as rising Euro Zone debt tensions coupled poor global market sentiments which will boost safe-haven demand.
COMEX Gold Aug futures continued to end in green and extended their gains on dismal U.S. Jobs reports and also got cues from the concerns of the spread of the Euro zone debt contagion. The yellow metal ended the day by increasing 0.72 percent to close at $1,541.6 per troy ounce on Friday from $1,530.6 per troy ounce on 7th July, 2011. Investment demand however dimmed on Friday when holdings at SPDR Gold ETF declined by 0.39 tonnes.
COMEX Silver Sept futures also rose following the yellow metal and rose marginally by 0.02 percent to close at $36.543 per troy ounce on Friday from $36.536 per troy ounce on 7th July, 2011. Investment demand remained muted at iShares Silver trust on Friday while Gold/Silver ratio rose to 42.3 on Friday from 41.9 the prior day showing weakness in the white metal compared to the yellow metal.
Following rise in gold spot silver prices surged around 8.3 percent last week. Silver being an industrial metal received support from upside in the base metals. The white metal touched a high of $36.82/oz and closed at $36.63/oz. On the MCX, silver September contract rose around 7 percent and touched a high of `54960/kg in the last week.
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