12/14/2011 06:19:00 PM
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Silver MCX Trend
Bullion is in under pressure, silver trade on down side. Holdings at iShares Silver trust remained unchanged yesterday while Gold/Silver ratio made a low of 51.7 yesterday before closing at 53.15 from 53.61 the prior day indicating that silver is gaining investment strength against the yellow metal. Silver prices on the other hand declined by 0.5 percent in the international markets and Spot Silver prices are currently hovering around $30.57/oz.
Gold MCX Trend
Strong dollar impact clearly seems on gold, today in the evening session of the trade we have U.S. Import Price changes and a higher than expected reading would point to inflationary pressure and would support the Gold Prices, however the main focus for today would be on the Italian Bond Sales. Spot Gold prices came under pressure today and slipped to a low of $1622/oz till 4.30pm IST as dollar strength weighed on the commodity. Prices on the MCX however slipped almost 1percent as gold prices in major metro cities in India declined.
Crude Updates
U.S. Crude oil inventories rose 462,000 barrels to 334.6 million for the week ended 9th Dec, 2011 compared to the prior week, the American Petroleum Institute said today early morning. Investors will also eye comments by OPEC ministers gathering in Vienna policy meeting. The US Energy Department (EIA) is scheduled to release it weekly inventories report tonight and crude oil inventories is expected to decline by 2.5 million barrels for the week ending on 9th December 2011.
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