3/19/2012 05:06:00 PM
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Gold Updates
On a weekly basis, gold declined sharply by more than 3 percent, marking its second-biggest weekly drop during the year on the back of early week decline after the Federal Reserve suspended additional easing due to favourable economic data from the US. The yellow metal declined around 1 percent in the earlier trading session on Friday after India, the world’s top consumer of gold stated that it will double the import duties on gold to 4 percent from current 2 percent.
Gold & Silver both are down as we expected. Silver trade on lower side & from the level of 56760 it's good for short.
Silver Trend
Due to strong dollar silver is very un identify but near term is short. MCX Silver May contract dropped around 3.3 percent and touched a low of Rs56,673/kg in the last week. Holdings in the iShares Silver Trust, the world's largest silver-backed exchange-traded fund, declined slightly by 0.1 percent to 9,752.67 tonnes on 16 th March 2012 from the previous 9763.25 tonnes on 9 th
March 2012.
Crude Oil Updates
Crude clear seems to bearish from this level, & expected to trade in down side Oil prices touched a low of 103.78/bbl during the last week and closed at $107/bbl on Friday. On the MCX, crude oil prices declined by 0.3 percent last week and closed at Rs.5333/bbl after touching a low of Rs.5232/bbl.
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