Precious Metals
DAILY BUZZ
GOLD
Gold futures closed lower in
the domestic market on Wednesday as investors and speculators exited
positions in the precious metal as a drop in bullion-backed holdings
signaled weakening investment demand for the yellow metal. Holdings
of SPDR Gold Trust, the world's largest gold-backed exchange-traded
fund, fell to 795.60 tons on Wednesday from its previous close of
797.09 tons on Tuesday. However, a weaker dollar boosted the appeal
of gold as an alternative asset, curbing losses in the precious
metal. Weaker greenback makes the bullion cheaper for those holding
other currencies, thus bolstering demand. However, caution ahead of
US GDP data, jobless claims and pending home sales data which may
influence the country’s monetary policy outlook weighed on
sentiment. Gold futures may trade lower today amid caution ahead of
key US data. Gold futures for October 2014 contract, at MCX, closed
at Rs. 27,780 per 10 grams, down by 0.41 per cent, after opening at
Rs. 27,863, against the previous closing price of Rs 27,895. It
touched an intra-day low of Rs 27,765
Base Metals & Energy
DAILY BUZZ
COPPER
Copper futures ended lower
in the domestic market on Wednesday as investors and speculators
exited positions in the industrial metal after consumer confidence in
Germany fell for the first time in one and a half years in August
2014, signaling a faltering recovery in Europe’s biggest economy,
darkening the demand outlook for industrial metals. The gauge
measuring consumer confidence in Germany fell to 8.9 this month from
8.6 in July, the biggest drop since May 2011, GfK said. All eyes are
on the European Central Bank (ECB) which will announce its policy
decision next week amid speculation of fresh easing measures to boost
the sagging 18-member economy. At the MCX, Copper futures for August
2014 contract closed at Rs. 422.85 per 1 kg, down by 0.73 per cent,
after opening at Rs. 425, against the previous closing price of Rs.
425.95. It touched an intra-day low of Rs 421.75
CRUDE OIL
Crude oil futures were
trading higher in the domestic market on Thursday as a dip in oil and
gasoline stockpiles in the US signaled a pickup in fuel demand in the
world’s biggest crude oil consumer. While crude stockpiles fell 2
million barrels last week, gasoline supplies declined 960,000 barrels
to 212.3 million barrels, the EIA said. All eyes are on the Q2 US GDP
data to be released today which is expected to confirm an annualized
growth of 4 per cent after a surprise contraction in the previous
quarter when bad weather played spoilsport. At the MCX, Crude Oil
futures, for the September 2014 contract, is trading at Rs 5,685 per
barrel, up by 0.18 per cent, after opening at Rs 5,686, against a
previous close of Rs 5,675. It touched an intra-day high of Rs 5,693.
(At 11:01 AM)
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