7/18/2011 05:39:00 PM
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MCX Gold Trend
COMEX Gold August futures continued to show their safe haven demand and rose slightly by 0.05 percent to close at $1,590.1 per troy ounce on 15 th July, 2011 from $1,589.3 per troy ounce made on 14th July, 2011 when they made a record high of $1,594.9 per troy ounce. A weaker greenback, credit cut threat by S&P plus debt concerns in Euro and U.S. have fuelled the safe haven demand for the Precious Metals. Spot gold prices extended its gains today and crossed a psychological level of $1600/oz to hit a new record high. The yellow metal witnessed gains mainly due to escalating concerns with regard to US and Euro Zone debt situations which boosted safe-haven demand for gold. It rose around 0.5 percent and was hovering around $1599/oz till 4.00 pm IST. On the MCX, Gold August contract rose almost 1 percent and touched an intra-day high of `23,199/10 gms today.
Commodity Outlook
Today in the evening session of the trade we have U.S. TIC Net Flows with positive expectation for the Greenback. Base metals and crude oil are expected to trade with a negative bias today mainly on the back of mixed global market sentiments, a stronger dollar and concerns with regard to US and Euro Zone debt worries. We expect gold to trade higher as global economic uncertainty will boost safe-haven demand for gold. But dollar strength may cap sharp gains. Silver is expected to trade with a sideways bias taking cues from dollar strength and downside in base metals.
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