Precious Metals are trading lower today since morning with Gold at
1709.0, down 6.5 or 0.38% and Silver trading at 32.01, down 23 cents or 0.72%.
On MCX, prices are also down but slightly more than their international
counterparts when compared parity wise due to the rupee; Gold is trading at
30866, –86.0 or –0.28% and Silver is at 59365.0, –330.0 or –0.55%. The rupee is
trading lower by 3 paise 53.75 against the dollar presently having risen to
53.61 earlier in the morning.
Today’s decline in bullions could keep prices under pressure for
the rest of the evening and could trigger further consolidation in the metals
moving into next week, buys should be consider only above 1726.0 in Gold and
32.70 in Silver whereas a break below recent lows could send prices down
further next week. Base Metals are trading mixed today on LME; three month
Copper is down 63.25 or 0.81% at 7770.0 a ton followed by Nickel at 120.0 or
0.73% at 16234.0 a ton. Aluminum, Lead and Zinc are the only metals trading
marginally in green today. Base Metals had fallen early in the morning but have
been showing signs of recovery presently. On the Energy front, both Oil and Gas
prices are lower by a percent since morning; Crude Oil is trading at 86.35 per
barrel, down 75 cents or 0.85% whereas Gas is trading lower by 0.84% at 3.668
per mmBtu. We are neutral on both the commodities for the day.
Key Economic Releases: US Non-Farm Employment Change, US
Unemployment Rate and US Factory Orders MoM
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