Gold Trend
Markets were in a see-saw mood yesterday with Stock markets paring their gains edging lower while Dollar Index gaining up even though U.S. Jobless Claims increased by 5,000 to 417,000 for the week ended 20th Aug, 2011 when analysts expected a less number of 405,000 from an upwardly revised figure of 412,000 in the prior week. MCX Gold October contract rose 1.5 percent and touched an intra-day high of Rs26,825/10 gms till 4.00 pm IST today. Spot silver prices declined almost 1 percent mainly taking cues from downside in the base metals and touched an intra-day low of $40.52/oz today.
Copper Trend
COMEX Copper Sept futures surged by 2.03 percent to $4.0790 per pound yesterday from $3.9980 per pound on 24th Aug, 2011. Lingering concerns of FED’s Chairman Bernanke taking steps to bolster the economy lifter the RED Metal prices yesterday although nervousness remained in the market after weak jobless claims and decline in the equity markets which had capped the gains.
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