Monday, 19 August 2013

Commodity Market Update (Gold)

Precious metals are trading mixed on COMEX with Gold and Silver moving in a small range since morning. The most actively traded Gold contract is at 1375.0, up 0.33% while Silver is trading down by 0.07% at 23.31 an ounce. The short term outlook turned bullish for bullion and we expect prices to extend it gains in coming session. With the exception of LME Copper all other base metals are trading in green today. Copper is trading at 7345.50, down 0.40% while other metals are up around 0.20% each, as we write this. View on base metals remains positive while on other hand, we can also see intraday declines in metals. Crude Oil on NYMEX is trading lower by 0.27% at 107.17 and Natural Gas is trading up by 2.08% at 3.43. We expect a range bound session for Crude Oil and Natural Gas while the bias remains positive for both the commodities.

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