12/13/2011 05:52:00 PM
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MCX India Gold Updates
Investment demand at SPDR Gold ETF was also hurt yesterday and we saw redemption of 0.6 tonnes on Gold. COMEX Gold Feb futures tumbled sharply by 2.83 percent to $1,668.2 per troy ounce from $1,716.8 per troy ounce the prior day on stronger greenback as Dollar Index surged by 1.20 percent to 79.53 from 78.59 the prior day. Gold again in green eye, its presently trade at 28940 & looking bullish from this level if it cross 29220 level. Today in the afternoon session of the trade we have Euro Zone and Germany Economic Sentiment Index which is expected to further decline and hence would be negative for the Euro and for the Precious Metals Complex. In the evening session of the trade we have U.S. Retail Sales which are expected to show a greater than prior month’s rise and hence would support the Dollar.
MCX Silver Tips
In other precious metal silver also with positive mode, at the day time silver fell by the weekness of dollar but at the time of evening its again bounce backed at trade above 56700+. Investment demand at iShares Silver trust remained unchanged yesterday while Gold/Silver ratio increased to 53.61 yesterday from 53.13 the prior day. Silver may go 57000 & if it will cross 57650 level then it woulb be in bullish trend.
Copper Tips
COMEX Copper Feb futures fell by 2.63 percent to $3.4640 per pound from $3.5575 per pound the prior day, but at present day copper show its uptrend which mentained by it on last trading hours at previous day. Copper sharply looking bullish & it would go for 410.05 again.
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