MCX Updates
Dow Jones and NASDAQ suffered another setback and fell by 2.2 percent and 2.58 percent respectively on 2nd Sept, 2011 with the blow coming this time from the dismal US Payrolls data which showed that the job market stagnated in Aug, 2011 when total payrolls remained unchanged at 131.132 million the same as in prior month when analyst’s forecasted a rise by 75,000 from a downwardly revised 85,000 in Jul, 2011.
Gold Trend
Investment demand at SPDR Gold ETF remained unchanged on Friday which showed that investors remained reluctant to add to the investment in the yellow metal. Update on the open positions for the Non Commercial traders showed that Net longs declined by 18.71 percent in COMEX Gold futures while for Silver futures they surged by 1.03 percent for the period 23rd 30th Aug, 2011 signaling that Silver remained the preferred investment choice among the investors. The upside in prices also indicates that investors are cautious and would prefer to hold on to safer investment assets while enjoying the rally in riskier and higher yielding investment assets. Spot Gold prices rose 3 percent in the last week, but prices remained volatile on account of stable risk
sentiments.
Silver Trend
The weak data from US prompted led the holdings at iShares Silver trust increase by 35.35 tonnes on Friday. Gold/Silver ratio edged down to 43.36 on Friday from 43.93 the prior day conTaking cues from rise in gold, spot silver prices surged 3.7 percent in the last week. Strength in the dollar failed to deter gains in silver. The white metal touched a high of $43.36/oz and ended its trading session at $43.20/oz. On the MCX, silver December contract rose almost 3.5 percent and touched a high of Rs64,354/kg last week.
Crude Oil Trend
Due to tropical storm Lee, about more than half of US crude oil production was shut in the Gulf of Mexico in on 4th September as delayed to restart oil and gas platforms in the basin. The Gulf of Mexico accounts for 27 percent of the country's oil production and about 8 percent of US natural gas production.
This supply disruption would act as a positive factor for the oil prices in the coming trading sessions. Tropical Storm Lee made landfall Sunday, flooding parts of the U.S. Gulf Coast, while Typhoon Talas wreaked havoc in western Japan and Hurricane Katia gained strength in the Atlantic Ocean.
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