Indian Commodity Updates

Asian markets trade lower on Europe’s debt concern.
In domestic markets, Gold hits all-time high of Rs29,212/10 gms.
Base metals down on account of a stronger dollar.
US crude oil inventories expected to fall 1.2mb-Reuter’s poll.

Gold Trend
COMEX Gold Dec futures pared their prior day losses and rose by 0.21 percent to $1,782.2 per troy ounce from $1,778.4 per troy ounce the prior trading day. Investment demand of the yellow metal at SPDR Gold ETF fund remained unchanged yesterday as investors waited for more clear signs. Gold prices declined upto 1.2 percent on yesterday trading session, selling presure arise on gold now. While in Indian Commodity Market(MCX) Gold December contract rose around 0.8 percent on Tuesday. It hit an all-time high of Rs29,212/10 gms and closed its trading session at Rs29,171/10 gms.

Silver Trend
Silver also in down trend, selling pressure clearly seems on silver during the current session. Investment demand for the white metal at iShares Silver trust also remained unchanged yesterday while Gold/Silver ratio fell to 51.59 yesterday from 52.13 the prior day indicating more. Silver made intraday high on last trading day at 58338.

Crude Updates
Today we have a data, according to data in mmorning from U.S. American Petroleum Institute showed that U.S. Crude oil supplies unexpectedly climbed by 1.3 million barrels for the week ended 11th Nov, 2011 when analysts expected them to decline by 1.3 million barrels. Crude can sustain form this level, we can wxpect that it will go for some correction if it cross the level of 5035.

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