7/17/2012 05:36:00 PM
Your Advisor
All Commodity are in up side, gold silver, crude, base metal, copper all are in positive mode. Gold currently tarde in plus by 0.20% while other pricious metal silver also in plus by 0.23%.
Gold MCX Trend
The yellow metal touched an intra-day high of $1,599/oz and hovered around $1594.09/oz today till 4:30pm IST. On the MCX, Gold August contract traded on a firm note and was trading around Rs.29,355/10 gms today. Taking cues from strength in the gold prices amidst speculation of possible stimulus measures by the Federal Reserve led Silver prices to trade on positive note up 0.7 percent today.
Gold inched up on speculative buying ahead of US Federal Reserve Chairman Ben Bernanke’s semi-annual policy report to Congress on Tuesday and Wednesday. Investors anticipate that Bernanke could provide some cues on launch of further monetary stimulus that would guide bullion’s directions later. Yesterday, International Monetary Fund cut its global economic growth forecast from 4.1% to 3.9% and warned that the outlook could dim further, if Euro zone policy makers fail to put extra effort to curb the region’s crisis. Meanwhile, US economic data cooled again with retail sales slumping to a three month low yesterday.
Crude News
Crude in slightly tradeed on upside by 1.51%. A weaker DX also supported upside in the crude oil prices. On the domestic bourses, prices traded on a positive note up 1.3 percent and are trading around Rs.4,879/bbl till 4:30 p.m
today.
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