Commodity Market Update (Gold)

On CMX, precious metals are trading sharply lower since morning due to a speculation over an earlier-than-expected end to the Federal Reserve’s quantitative easing program. The most actively traded Gold contract is losing for the eight consecutive sessions and tested a five weeks low of $1336.30 before settling at $1349.60, down $15 or 1.10% while Silver futures tumbled to 32-momnth low of $20.25 and trading in red at $21.59, dropped by 3.5% or 78 cents an ounce. Precious metals are looking more negative as both metals break the major support level and trading below the said levels. On LME, base metals are trading higher since morning on the back of improved economic data with Copper is trading at $7305 while lead is gaining most among the group, up 1.03%. WTI Crude Oil is losing 0.66% or 64 cents to trade at $95.40 while Natural Gas is trading in green at $4.15, higher by 2.27% or 10 cents per mmBtu.