GOLD
Spot gold prices rose 0.7% to $1824 an ounce on Monday on concerns of Euro zone sovereign debt crisis is deepening and sluggish US consumer sentiment provided support. Money managers slashed their bullish bets in gold futures and options in the week ended Sept. 13, after the price of bullion fell sharply from record highs, according to CFTC data. Gold spdr’s the world’s largest gold backed ETF increased to 1251 tons from 1241 tons on Friday. Outlook: Gold is expected to trade in positive bias on concerns of Euro zone issue.
SILVER
Silver traded at $40.63 an ounce on Monday in Asian trading and the disappointing manufacturing data released in US shows the world’s largest economy is struggling to grow & Euro crisis is worsening which will pressurize the silver prices. Euro zone leaders have provided confidence in releasing bailout package for Greece but on strict conditions. Ishares silver trust, the world’s largest silver backed ETF holdings remained unchanged 9956 tons on Friday. Outlook: Silver is expected to consolidate & trade with slight positive bias.
CRUDE OIL
U.S. crude prices declined on Monday on concerns of Euro zone leading into a bigger issue as Greece in the verge of default. Greece pledged to take tough decisions needed to avoid the default but announced no new austerity measures to secure international bailout funds next month. However markets look for Fed reserve to take some steps to boost the weakening US economy. US sweet traded at $86.84 a barrel down by 1.27% on Monday in Asian trading. Outlook: Crude oil prices is expected to trade in negative & take cues from Obama’s budget deficit cut plans.
COPPER
Copper prices fell on Monday as investors focused on possible slowdown in the global economy on concerns of Euro zone sovereign debt crisis and slowing US economy. EU policy makers disagreed with US treasury secretary to scale up the Euro zone’s bailout package. Consumer sentiment in US rose in September but remained gloomy about the futures with their expectations for the economy falling to the lowest level since 1980. Outlook : Copper prices is likely to trade in negative bias and take cues from the Obama ‘s budget deficit plans. & US dollar.
RUBBER
Yesterday Rubber futures on the National Multi-Commodity Exchange have closed with a gain with lower activity as the traders holding the stock.
