8/04/2011 05:54:00 PM
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Bullion Trend
Today in the evening session of the Trade we have Euro Zone interest rate decision and if they increase the rates then it would pressurize the U.S. Dollar and would support the Precious Metals Complex. We also have U.S. Jobless Claims in the evening session which are expected to rise from the prior week and hence would support the Precious Metals Complex.
Investment demand also showed an improvement as holdings at iShares Silver trust increased by 33.99 tonnes yesterday. Gold/Silver ratio fell drastically yesterday to 39.94 from 40.86 on 2nd July, 2011 showing strong investment demand for the white metal.
Base Metal Updates
Troubled sentiments in the markets globally due to worries with regard to US economy and Euro Zone debt issues exerted pressure on base metals base metals complex on the LME today. Additionally, dollar strength also acted as a negative factor for prices. Depreciation in the Indian Rupee led minimal decline on the domestic bourses. Zinc was the worst performer of the day as the metal declined 1.8 percent on the LME and by 1.1 percent on the MCX till 4.00 pm IST today.
U.S. Crude oil stockpiles rose 1 million barrels to 355 million barrels for the week ended 29th July, 2011 when they were expected by the analysts to rise by 1.3 million barrels from 354 million barrels in the prior week when they had shown a 2.3million barrel increase. The Strategic Petroleum Reserve fell by 4.5 million barrels last week, declining for the second-straight week as the U.S. begins its release of a total of 30 million barrels. Gasoline stockpiles rose 1.7 million barrels to 215.2 million barrels and Distillate stocks, which include heating oil and diesel fuel, rose by 400,000 barrels to 152.3 million barrels.
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