8/08/2011 05:33:00 PM
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MCX Bullion Updates
Precious Metal Complex got pressurized on Friday at COMEX due to better than expected rise in the U.S. Nonfarm Payrollswhich came as a breather and lifter the moods of the investors. COMEX Gold Aug futures fell by 0.45 percent to close at $1,648.8 per troy ounce on 5th Aug, 2011 from $1,656.2 per troy ounce on 4th Aug, 2011. On the India front at MCX on Saturday Gold rose on account of a credit rating cut of U.S. by Standard & Poor’s.
Gold Trend
In the last week Spot Gold prices surged around 2.5 percent and hit a lifetime high of $1682/oz mainly on the back increased safe-haven demand due to rising concerns over global economic worries. Rise in risk aversion in the markets made gold look attractive. Depreciation in the Indian Rupee led to further rise in the yellow metal prices on the domestic bourses last week.
Silver Trend
Silver on the other hand is expected to decline, taking cues from downside pressure in base metals on the back of worries over demand as global economic growth becomes a concern. Investment demand at iShares Silver trust remained muted on Friday while Gold/silver ratio surged higher to 43.46 on 5
th Aug, 2011 from 42.66 on 4th Aug, 2011 citing strength in the yellow metal as compared to the white metal in terms of investment demand.
Copper Trend
COMEX Copper Sept futures fell sharply and ended in red went the prices declined by 2.8 percent to close at $4.1170 per pound on 5 th Aug, 2011 from 4.2355 per pound on 4th Aug, 2011 as the red metal took the beating due to fragile global economic recovery which erupted concerns of another recession heading toward the U.S. Copper declined sharply by 7.4 percent in the last week mainly on the back of easing supply worries, rising demand concerns from the US and global economic tensions. Workers at Escondida, the world’s largest copper mine ended the two-week strike and accepted a bonus of 2.65m pesos ($5,700) in line with a revised offer from the company.
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