5/28/2012 05:16:00 PM
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Gold Trend Today
Gold was traded on higher side and form this level its expected to trade on up side for upcoming trading session.
From the short-term perspective, we expect the Rupee factor to continue to be supportive for Indian gold prices. The commodity in the international markets is performing largely like a risky asset and downside risks remain on the back of worsening macroeconomic concerns along with strength in the US Dollar Index. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, declined around 1 percent to 1,270.26 tonnes on 25th May 2012 from the previous level of 1,282.94 tonnes on 18th May 2012.
Copper Updates Live
Copper on its bullish phase & looking good for buy in MCX Commodity. Additionally, stronger dollar index coupled with rise in LME copper inventories by more than 1 percent also led to downside pressure on prices of the commodity. Copper prices touched a low of $7,503/tonne in last week and closed at $7627/tonne on Friday. On the MCX, prices increased by 0.6 percent on the back of appreciation in Indian Rupee and closed at Rs.423.5/kg on Friday after touching a low of Rs.421/kg in last week.
The red metal inventories on the LME warehouses increased around 1 percent to 223,500 tonnes on 25th May 2012 from
he previous level of 221,175 tonnes on 18th May 2012.
