9/07/2011 05:24:00 PM
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MCX Bullion Trend
Gold Trend
Investment demand remained muted yesterday at SPDR Gold ETF as no addition was seen in the gold holdings. Today no major economic data is scheduled to release and hence the technical selling would continue to be seen on the counter, however the dips would be seen as a buying opportunity by the investors to invest again in this remarkable metal. Gold prices came under pressure and declined more than 1 percent as dollar strength led to downside pressure in the yellow metal.
Silver Trend
Investment demand was muted yesterday at the iShares Silver trust with no change in the holdings seen in silver. Gold/Silver ratio made a high of 45.64 before closing down to 44.81 from 44.32 the prior day pointing that Gold has more investment appeal than silver. Taking cues from fall in gold coupled with strength in the dollar spot silver declined sharply by 2.3 percent on Tuesday. Silver being an industrial metal also took cues from downside in base metals and declined further. The white metal touched an intraday low of $41.51/oz and closed at $41.93/oz. On the MCX, silver December contract rose 0.3 percent on account of Rupee depreciation and touched an intra-day high of Rs66,893/kg yesterday.
Base Metal Updates
Crudeoil Updates
NYMEX Crude oil Oct futures fell for a second day on worries that the euro zone debt crisis could stifle world economic growth. Futures ended 0.5 percent down yesterday to $86.02 per barrel from $86.45 per barrel on 2 nd Sept, 2011 and also got weighed down by a stronger U.S.Today the American Petroleum Institute (API) is expected to release its weekly inventory report today. Forecasts indicate crude oil inventories are expected to decrease by 1.9 million barrels in the w/e 2nd September 2011.
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