10/03/2011 05:29:00 PM
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Gold MCX Trend
After a long downside movemnt, Gold today trades in positive mode. Gold trade currently on 26450 levels up by 1.61%. We expect Gold will trade in positive mode & it can be trade for the level of 26500+. As per the latest update from the Commodities Futures Trading Committee speculators cut their net long positions in Gold and Silver futures on COMEX by 15.1 percent and 31.56 percent respectively and started liquidating their holdings amid the global sell off during the period.
Silver MCX Trend
Silver trade with positive mode along with gold, investment demand also weakened at iShares Silver trust which fell by 51.47 tonnes on Friday while the Gold/Silver ratio edged rose to 54.16 from 53.2 the prior day. s. The white metal touched a tenmonth low of $26.02/oz but recovered from its low to close at 29.89/oz last week. On a weekly basis, MCX Silver December contract declined around 2.3 percent and closed at Rs51,143/kg on Friday.
Crude Oil Updates
prices have fallen below the level of $80/bbl and witnessed the biggest quarterly drop since 2008. On the MCX, crude oil prices gained by 0.6 percent and closed at Rs.3995/bbl after touching a high of Rs.4129/bbl last week. NYMEX Crude oil Nov futures fell sharply by 3.58 percent to $79.20 per barrel on Friday from $82.14 per barrel the prior day. Uncertainty surrounded by the Euro Zone debt crisis coupled with stronger dollar pressurized the crude oil prices on Friday.
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