9/21/2011 05:27:00 PM
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Gold MCX Trend
Demand for gold also bounced back after the downgrade in Italy’s long-term credit rating by the Standard and Poor’s (S&P) to A from A-plus, indicating a weak economic scenario in the Euro region. Investors wait today for the U.S. FEDERAL statement to be released late night for further trading cues. Any indication for further monetary stimulus would be seen as bullish for the Precious Metals. We also have the U.S. FED rate decision in the after trade session in the night today as expected to remain flat.
Silver MCX Updates
Silver also closed in the green as prices took support from rising gold prices but sharp gains were capped as being an industrial metal it also took cues from movement in the base metals pack. Investment demand for the white metal saw redemption in holdings yesterday by 34.83 tonnes from the iShares Silver trust.
Copper Updates
The International Copper Study Group said the world copper market was in deficit by 130,000 tons during the first six months of the year. Supply fell short of demand by 286,000 tons during the same period in 2010. Copper prices came under pressure on Tuesday declined by more than 1 percent on the LME as macroeconomic concerns dominated market sentiments. Prices on the LME touched a 9 – ½ month low as poor global economic prospects led to worries over future demand for the metal.
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