MCX Bullion Trend

MCX Bullion Trend

Spot Gold prices ended slightly lower on Tuesday as investors sold the yellow metal in order to cover losses. During yesterday’s trade Spot Gold prices touched a seven-week high of $1410/oz but slipped by the end of trade. Prices had risen sharply in the last few days and profit-booking at higher levels was inevitable. Geo-political concerns and inflation risks persists and these will continue to boost gold prices in the short-term.

Silver prices too witnessed downside pressure yesterday as the white metal slipped 2.3 percent to close at $33.07/oz after touching a high of $34.30/oz. Prices fell from 31-year high, taking cues from decline in gold prices. Holdings in the iShares Silver Trust fell to 10519.05 tonnes on 18 February.

Precious metals will continue to take support from geo-political concerns which will boost demand from the safe-haven perspective. Rising oil prices raise risk of inflation and this will assure demand for gold as an inflation hedge.

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MCX Commodity bullion Trend

MCX Bullion Trend

Silver Trend

Silver prices gained sharply in today’s trade with prices Spot Gold and MCX Silver March prices rising a whopping 2.5 percent till 4.00pm IST. The white metal prices hit a high of Rs49,924/kg and moved towards the crucial Rs50,000 mark. Demand for silver in India is rising and the Bombay Bullion Association (BBA) expects imports to be around 2400 tonnes in 2011.

Gold Trend

Spot Gold prices continued to rise on Monday as continuing unrest in the Middle East and North Africa boosted demand for the yellow metal as a safe-haven asset. Prices rose despite strength in the US Dollar Index (DX) today. Mixed sentiments prevailed in the global financial markets which began the day on a weak note. Spot Gold prices gained almost 1 percent till 4.00pm IST and are currently trading around the crucial $1400/oz mark. Prices on the MCX gained 0.8 percent and appreciation in the

Rupee capped further gains.

Copper Trend

Copper prices stabilized in today’s trading session after witnessing sharp fall in the last week. Prices on the LME are currently hovering around $9870/levels but continue to remain below the crucial $10000/mark. We expect downside pressure in the red metal as demand concerns persist and China’s move to continue to tighten its monetary policy is also negative.

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Daily MCX Commodity Trend

MCX Commodity Trend

Gold Review

Spot Gold prices traded higher today as rising tensions in the Middle East led to demand for the yellow metal as a safe-haven. Apart from that, inflationary pressures are also supporting demand for gold as an inflation hedge. But MCX Gold April contract witnessed downside pressure till 4.00 pm IST as appreciation in the Indian Rupee capped gains in the domestic markets.

Copper Review

Copper prices continued to witness downside pressure on inflation worries coupled with concerns over demand for the red metal. It has been witnessed that, Chinese activity in the copper market is low because of the recent impact of Chinese New Year holidays. Also, there are fears that China could further raise interest rates, thereby leading to concern that demand from the world’s largest consumer may get affected.

Crude Oil Review

Nymex Crude Oil prices continued the uptrend as the Israel-Iran tension and unrest in the Middle East led to expectations over supply disruption. But sharp rise in prices was restricted on account of rise in inventories by 860,000 million barrels to 345.9 million barrels, marking the fifth straight weekly rise.

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MCX Commodity , Base Metal Trend

MCX Review

Gold prices are expected to rise as concerns over inflation dominate global market sentiments. We expect crude oil prices to trade with a positive bias as unrest in the Middle East region could spark supply worries. The Energy Information Administration (EIA) is expected to release its weekly inventory data which is expected to show a rise. Prices could come under pressure if data comes in as per expectations.

Base metal prices are expected to come under pressure today as investors fear further monetary policy tightening by China. Inflationary pressures are rising and may affect economic growth going forward as interest rates rise amid a slowly improving global economic scenario.

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MCX Tips

Silver Buy
At- 45695
Tgt -  45755, 45810
SL - 45595


Gold Buy
At- 20304
Tgt - 20335, 20351
SL - 20266

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MCX Tips

Silver Buy
At - 45465
tgt - 45490, 45540
Sl - 45425