6/21/2012 05:48:00 PM
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Commodity Base Metals, Gold Trend
Today's all commodity clearly show down trend, all metals - base meatals and precious metals both are down. Gold declined for a third day in the longest losing run in a month after the Federal Reserve extended its Operation Twist program while refraining from additional debt purchases. Silver, platinum and palladium retreated. Spot gold fell as much as 0.6 percent to $1,597.50 an ounce, and was at $1,600.63 at 10:37 a.m. in Singapore. Bullion dropped to a one-week low yesterday after the Fed extended its program of replacing short-term bonds with longer-term debt by $267 billion through the end of 2012.
Spot gold prices declined around 0.4 percent today on the back of strength in the US Dollar Index (DX). The yellow metal touched an intra-day low of $1,593/oz and hovered around $1,598/oz till 4:30pm IST today. On the domestic front, prices declined by 0.5 percent today and were trading around Rs.30,120/10 gm today. However, depreciation in the Indian Rupee cushioned further fall in the prices.
Base metals complex are trading on negative note owing to rise in the LME inventories and decline in China Manufacturing index. Additionally, lingering concerns of Euro Zone debt crisis coupled with stronger DX also added pressure on base metal prices. LME Copper declined by more than 1 percent today on the back of rise in the LME copper inventories by 0.7 percent and stood at 252,150 tonnes. The red metal touched an intra-day low of $7,388/tonne and hovered around $7,417/tonne.
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Spot gold prices declined around 0.4 percent today on the back of strength in the US Dollar Index (DX). The yellow metal touched an intra-day low of $1,593/oz and hovered around $1,598/oz till 4:30pm IST today. On the domestic front, prices declined by 0.5 percent today and were trading around Rs.30,120/10 gm today. However, depreciation in the Indian Rupee cushioned further fall in the prices.
Base metals complex are trading on negative note owing to rise in the LME inventories and decline in China Manufacturing index. Additionally, lingering concerns of Euro Zone debt crisis coupled with stronger DX also added pressure on base metal prices. LME Copper declined by more than 1 percent today on the back of rise in the LME copper inventories by 0.7 percent and stood at 252,150 tonnes. The red metal touched an intra-day low of $7,388/tonne and hovered around $7,417/tonne.
We provide you all MCX Commodity tips, Get live commodity tips, gold & Silver tips, Copper Tips on mobile. Just Fill the Free From & Get Live Tips On Mobile. Or Click Here
