2/28/2012 09:21:00 AM
Your Advisor
Gold Rose by 0.23% in Indian Comodity
Today We expect gold will trade on high & under the buying position. Gold prices rose by Rs 30 to Rs 28,895 per 10 grams in the bullion market here today, while silver gained Rs 150 to Rs 58,250 per kg on buying by retailers to meet the ongoing marriage season demand.
Traders said marriage season buying was so strong that even a weak trend in the overseas market failed to impact the sentiment. Shifting of funds from weakening equities to bullion also supported the uptrend in precious metals, they added.
Gold traded steady on Tuesday, trapped in a tight $4 range below $1,770, as a major cash injection action by the European Central Bank expected later this week supported sentiment. Gold posted losses in the previous two sessions as the momentum fizzled after bullion hit a more than three-month high last week, during which a Greece bailout deal and expectations of more monetary easing from key economies inspired gold bugs.
Copper Updates
Three-month copper on the London Metal Exchange slipped 0.2 percent to $8,517.75 a tonne by 0115 GMT, after ending nearly flat on Monday. Copper has gained 12 percent this year, but has been struggling to trade higher, given slack Chinese demand since after the Lunar New Year break in January. Copper has lost 2.8 percent since hitting a five-month high of $8,765 on Feb. 9.
The most-traded May copper contract on the Shanghai Futures Exchange gained 0.4 percent to 60,620 yuan ($9,600) a tonne.
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