Tuesday, 28 August 2012

Commodity Market Update (Gold)

Bullions are trading in range on the first day of the week, Gold is at $1672.80 and Silver is trading at $30.80 an ounce; we expect both metals to decline slightly in intraday and that should lead to good buying opportunities, we are positive on precious metals in the short term and expect prices to rally to $1700.00 and $31.50-$32.0 in the short term. LME Markets ar
e closed today due to Summer Bank holiday and Copper prices will take cue from COMEX Copper, We are positive on base metals and expect them to move higher during the day and over this week. Crude Oil prices are trading higher by a percent at 97.50 a barrel and Natural Gas is also higher at $2.743 per mmBtu, up 1.52%. We expect both the commodities to remain range bound during the day. The rupee is trading lower at 55.62, down 12 paise or 0.23% at the time of writing this.

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