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 .
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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