Precious Metals are trading slightly lower on CMX today; Gold I at 1733.20, down 1.2 and silver is down 4 cents to trade at 33.14. On MCX, prices are trading strong in green with Gold higher by 150 points at 31845.00 per ten grams and Silver is up 263 points at 61870.0 per kilogram. The rupee has depreciated by 6 paise against the dollar and is currently at 55.12.
Gold prices may post a decline if it fails to break above 1740.0 and we may see it move down to 1700 again over the week. Base Metals on LME are trading in red after the sharp rally posted last evening; three month Copper is down 19.0 to trade at 7762.25 per ton while Nickel is trading at 16417.0. Both metals are higher on MCX due to the rupee; the intraday bias however is negative for metals and we may see minor corrections today. Energy prices are mixed today with Crude Oil down 21 cents to 89.07 while Natural Gas is higher by almost a percent at 3.754 per mmBtu. We expect both commodities to remain in range.
Key Economic Releases: US Buildings Permits, US Housing Starts
Key Economic Releases: US Buildings Permits, US Housing Starts
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