Commodity Market Update (Silver)

Precious Metals are trading higher since morning today with Gold at 1694.40, up 6.80 and Silver at 32.21, up 76 cents. Prices are trading with a slight negative bias and in a range from morning, a break abov

e today’s high could see prices move higher further in intraday. We expect Gold prices to move to 1720.0 and Silver to test 33.0-33.50 in the short term. Prices are also trading higher on LME; three month Copper is trading at 766.75, unchanged from last close while Nickel is up 51 or 0.31% to trade at 16251.0 a ton. We maintain a positive bias on prices for intraday. Energy prices are mixed today – Crude Oil is trading at 97.49, up 73 cents while Natural Gas is lower by 0.21% to trade at 2.793 since morning. We are neutral on Oil and Gas prices. The rupee has weakened by 3 paise and is trading at 55.57 at the time of writing this.

Key Economic Releases: ISM Manufacturing Prices, Construction Spending MoM.