Bullion updates

Spot gold slid 0.3 percent on Thursday as investors weighed the possibility of further monetary easing by the U.S. Federal Reserve after stronger-than-expected manufacturing and labour market data. Gold is faced with strong resistance at $1,840 and silver at $42, said the Tokyo-based dealer.

U.S. data due later on Thursday includes jobless claims, construction spending and the ISM manufacturing index, as well as the manufacturing Purchasing Managers' Index (PMI) from the euro zone.

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MCX Market Data

MCX Market Data

Date	Time	Currency	Economic Data	Forecast	Previous
WED 31TH AUG	5:00pm	USD	Challenger Job Cuts y/y		59.4%
	5:45pm	USD	ADP Non-Farm Employment Change	102K	114K
	7:15pm	USD	Chicago PMI	54.3	58.8
	7:30pm	USD	Factory Orders m/m	1.8%	-0.8%
	8:00pm	USD	Crude Oil Inventories	0.5M	-2.2M

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MCX Commodity Live Updates

Bullion Trend

Today in the afternoon session of the trade we have Euro Zone Economic Sentiment which are expected to decline and hence would support the Precious Metals while in the evening session of the trade we have US Consumer Confidence which is also expected to support the Precious Metals Complex at COMEX. Gold is expected to come under pressure today mainly on the back of rise in risk appetite in the global financial markets which would decrease the safe-haven demand for gold.

Copper Trend

We favour a quiet high probability to broken out the region and trigger rallies towards 429/434 or even more, but it may look for a minor dip before resuming such big rallies. Break below 420 would be a signal of bearishness.

Crude Oil Trend

U.S. refiners and energy companies on Monday began to restore operations disrupted by Hurricane Irene over the weekend. One refinery was heard to have suffered damage to a crude unit due to flooding, while another remained shut, during evening session we expect initial trades may dip towards 3960, that may give a possibility for buyers to get into rally. Any how direct fall below 3910 may trigger fresh liquidation pressure towards 3850/3830.

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MCX Market Data

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 30TH AUG	6:30pm	USD	S&P/CS Composite-20 HPI y/y	-4.7%	-4.5%
	7:30pm	USD	CB Consumer Confidence	52.1	59.5
	9:45pm	USD	FOMC Member Kocherlakota Speaks
	11:30pm	USD	FOMC Meeting Minutes

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MCX - MCX Bullion , MCX Base Metal Trend

MCX Trend

MCX Gold Trend

Today in the evening session of the trade we have US Personal Income and US Personal Spending which if comes better than expected then would pressurize the Precious Metals.Gold prices slipped 1.3 percent last week and touched a low of $1702/oz. On the MCX Gold October contract declined 2.4 percent and closed at Rs26,899/10 gm last week. Investment demand continued to look weak as holdings at SPDR Gold ETF saw a net redemption of 1.51 tonnes on Friday.

Silver Trend

COMEX Silver Sept futures surged weak in comparison to Gold and ended the day at $40.952 per troy ounce on Friday, showing a 0.59 percent rise from $40.745 per troy ounce on 25th Aug, 2011.

Copper Trend

Today in the evening session of the trade we have US Pending Home Sales Index which is expected to show some improvement and hence could support the prices. LME is closed today due to Summer Bank Holiday.

Lead Trend

Lead was the top gainer in the last week as the metal surged almost 7.4 percent on the LME as well as on the MCX. Dollar weakness and upbeat market sentiments helped lead to trade higher. Lead Shanghai weekly inventory declined 1.8 percent to 417,784 tonnes last week. This also acted as a positive factor for prices. Lead touched a high of $2482/tonne and closed at $2479/tonne on Friday.

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MCX Bullion & Base Metal Trend

Gold Trend

Markets were in a see-saw mood yesterday with Stock markets paring their gains edging lower while Dollar Index gaining up even though U.S. Jobless Claims increased by 5,000 to 417,000 for the week ended 20th Aug, 2011 when analysts expected a less number of 405,000 from an upwardly revised figure of 412,000 in the prior week. MCX Gold October contract rose 1.5 percent and touched an intra-day high of Rs26,825/10 gms till 4.00 pm IST today. Spot silver prices declined almost 1 percent mainly taking cues from downside in the base metals and touched an intra-day low of $40.52/oz today.

Copper Trend

COMEX Copper Sept futures surged by 2.03 percent to $4.0790 per pound yesterday from $3.9980 per pound on 24th Aug, 2011. Lingering concerns of FED’s Chairman Bernanke taking steps to bolster the economy lifter the RED Metal prices yesterday although nervousness remained in the market after weak jobless claims and decline in the equity markets which had capped the gains.

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