Gold, Silver Updates
Spot gold prices declined around 0.3 percent on Monday, on account of dollar strength, as a stronger dollar makes dollardenominated commodities look cheaper for the holders of the other currencies. Additionally, fall in crude oil prices affected the inflation-led demand for gold which also acted as a negative for gold.
Silver was open is positive trend but at midday trading hours it was on down phase & currently trade with sell pressure. Silver overall is bearish, below the level of 56000 it may go for 55700.
Crude Updates
We expect Crude will trade on lower side. Prices touched an intra-day low of $96.38/bbl and closed at $96.90/bbl yesterday. On the MCX, crude oil prices increased by 0.7 percent on account of Rupee depreciation and touched an intra-day high of Rs.4803/bbl on Monday.
On Copper & other base metal side we expext all base metals will trade on down side. No fresh buying we recommend here.
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