8/02/2011 05:52:00 PM
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Gold Trend
Precious Metals Complex got overshadowed by the latest improvement in the U.S. Debt rise deal saga and also on a stronger Dollar Index which rose by 0.77 percent to close at 74.32 yesterday from 73.75 on 29th July, 2011. COMEX Gold Aug futures pared their prior day gains and fell by 0.57 percent to close at $1,619 per troy ounce from $1,628.3 per troy ounce on 29 th July, 2011. Investment demand remained unchanged yesterday at the SPDR GOLD ETF trust.
We expect gold and silver prices to bounce back in today’s trade as market sentiments became weak on after thought of the increase in US debt limit. Prices are expected to trade with a positive bias despite dollar strength on account of US and Euro Zone debt concerns.
Crude Oil Trend
Crude oil prices are expected to trade lower today mainly on the back of expected rise in US crude oil inventories coupled with dollar strength. Additionally, weak sentiments in the global markets will also exert further pressure. NYMEX Crude oil Sept futures continued to edged down yesterday and got pressurized due to dim prospects of demand owing to economic data slowdown in the Global Manufacturing Activity. Futures fell by 0.85 percent to close at $94.89 per barrel from $95.70 per barrel on 29th July, 2011.
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