Monday, 29 July 2013

Commodity Market Update (Gold):


On COMEX, precious metals are trading higher since morning with Gold trading at $1331.70, up 0.77% or $10.30 after having tested a high of $1334.70 whereas front month Silver futures gained 0.68% or 14 cents to trade at $19.90 an ounce. On LME, base metals are trading mixed since morning due to volatility of dollar against the other currencies. LME Nickel is losing most of the ground to trade at $13790.0 while Copper is trading almost flat at $6855.75 with a meager gain of 75 cents after having tested a low of $6820.0 per metric ton. NYMEX Crude Oil is trading silent since morning, trading at $104.57, down 13 cents whereas Natural Gas is much lower by almost 2.5% or 8.5 cents to trade at $3.47 per mmBtu.

On data front, traders are waiting for US Pending Home Sales which is scheduled to be released at 7.30PM with a market forecast of -1.1% against the previous of 6.7%.

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