Monday, 21 January 2013

Commodity Market Update (Gold)

Precious Metals are trading steady today; Gold is at 1688.40 an ounce, up 1.4 or 0.08% and Silver is at 31.92 an ounce. On MCX, Gold is at 30596.0, up 15 points while Silver is higher by 141 points to trade at 59519.0. The rupee is trading weaker against the dollar at 53.83, down 12 paise at the time of writing this. Markets may remain range bound today as US banks are closed in observance of Martin Luther King’s birthday. Base Metals are trading slightly lower today on LME after moving higher on Friday; three month Copper is down 31.75 at 8056.25 a ton along with the rest of the metals which are also losing about half a percent since morning. On MCX, prices are slightly lower supported by the weaker rupee with Copper at 438.20 and Nickel at 940.60. Base Metals are expected to trade lower in the evening today. Crude Oil and Natural Gas prices are also range bound today. Oil is at 95.20 a barrel, down 0.38% while Natural Gas is higher by 0.70% at 3.591 per mmBtu. Both the counters are expected to trade a range today.

No Economic Releases today.

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