12/09/2011 05:48:00 PM
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Gold MCX Trend
The markets once again shifted their focus towards the Euro Zone and it were the dismal comments from the European Central Bank Chief Draghi which led to the fall in the Precious Metals Complex yesterday. Draghi also said lending money to the International Monetary Fund to buy Euro Zone government bonds was not compatible with EU treaties, though against that he did cut rates to extend liquidity provisions for stressed European banks. Gold looking bullish in intraday session & for log term it seems cosolidate.
Silver MCX Tips
COMEX Silver Mar futures also fell tracking along with Gold futures and ended the day down by 3.34 percent to $31.538 per troy ounce from $32.627 per troy ounce the prior day. Investment demand for the white metal showed resumption to a tune of 72.61 tonnes in the past two days while it was 42.36 tonnes yesterday. Gold/Silver ratio on the other hand pointed to weakness in the investment demand when the ratio came at 54.15 yesterday from 53.42 the prior day. If silver will cross 57500 level in intraday then it will go for 58000 level else for short term seeion it seems in consolidate phase.
Copper Updates
Weekly copper inventories in warehouses monitored by the Shanghai Futures Exchange rose a whopping 26 percent to 72,712 tonnes this week. COMEX Copper Mar futures fell by 1.57 percent to $3.5000 per pound yesterday from $3.5560 per pound the prior day. A little corretion can seems in the copper for today's trading session.
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