3/26/2012 05:57:00 PM
Your Advisor
Commodity turn on bullish mode from the mid day traning session. Gold & Silver along with all base metals trade in positive basis.
Gold Updates
On a week-on-week basis, the yellow metal touched a high of $1669/oz and ended its trading session at the level of $1661/oz on Friday. However, MCX Gold April contract rose around 1 percent on account of a weaker Rupee and hit a high of Rs28,145/10 gms in the last week. Gold has been trading below the 200-day moving average since March 14. Falling below the measure, currently at about $1,682, can be a bearish signal to some investors who follow historical price patterns. Silver futures for May delivery rose 3 percent to $32.272 an ounce on the Comex, the ost since Feb. 28. Prices ended down1 percent this week, the fourth straight loss and the longest slump since December.
Crude Updates
On a weekly basis, Nymex crude oil prices declined around 0.2 percent, on the back of increasing worries over global economic growth which in turn escalated concerns over global oil demand. Oil for May delivery was at $106.64 a barrel, down 23 cents, in electronic trading on the New York Mercantile Exchange at 12 p.m. Singapore time. It raised $1.52 to $106.87 on March 23, the highest close since March 21. Prices are up 7.9 percent so far this year, set for a second quarterly increase. Brent oil for May settlement was at $124.90 a barrel, down 23 cents, on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York-traded West Texas Intermediate was at $18.26.
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