Precious metals are trading higher since morning with Gold trading at $1667.20, up 0.27% or $4.40 an ounce while front month Silver future rose almost a percent or 25 cents to trade at $31.43. On MCX, Gold is trading lower at Rs 30,163.00, down 70 odd points and Silver is trading in green at Rs 58,080.00 with a marginal gain of Rs 170.00 or 0.30%. Precious metals traders are waiting for tonight’s Federal Reserve policy meeting which may set the direction of precious metals. US Crude Oil is trading silent on NYMEX, at $97.69 with a positive bias while Natural Gas is gaining its some lost ground and trading at $3.28, higher by 3 cents or 0.92%. US Energy Information Administration is set to release its weekly Crude Oil Inventory report tonight at 9.00PM with a market forecast of 2.9 million barrels. Base metals are trading sharply higher on the London Metal Exchange on the hopes of improved world economy. 3-month Copper is trading at $8215.75, up 1.39% while Zinc is leading the group, rose 1.80% to trade at $2133.00. Market participants are waiting for US economic data ADP Nonfarm Employment Change and GDP data which may lead the prices further.
Economic Events:
US ADP Non Farm Employment Change
US Advance GDP
US Crude Oil Inventory
US FOMC Meeting Minutes
US Federal Fund Rate.
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