GOLD
Spot gold prices rose were firm on Thursday after falling more than 1% yesterday as Fed has decided to swap shorted term bonds with longer term bonds, pressure of strengthening US dollar.Greecehas adopted strict austerity measures in order to receive their next bailout package & positive existing home sales data also reduced the demand for gold. Gold SPDR’s the world’s largest gold backed ETF holdings stood at 1252.21. Outlook: Gold is expected to trade in negative bias & later take cues from developments in Euro zone & US Economic data releasing today.
SILVER
Silver traded at $39.48 an ounce on Thursday in Asian trading. Chinese PMI data showed the manufacturing activity slowed down in September compared to August indicating the economy is slowing down along with US. The demand for industrial metal is waning and expected to slowdown as global growth has been sluggish. Ishares silver trust, the world’s largest silver backed ETF holdings decreased to 9898 tons on Wednesday from 9921 tons on Tuesday. Outlook: Silver is expected to consolidate & take cues from US dollar index & economic data releasing in Europe.
CRUDE OIL
U.S.crude prices declined on Thursday after Fed reserve stated economic outlook remained weak. Energy Information Agency reportedUScrude inventories last week fell 7.3 million barrels, the biggest one week drop since December.UScrude trading volumes have been week & Brent has outpaced it more than 11%.USsweet crude fell nearly 2% and traded at $84.30 a barrel and Chinese weak PMI & stronger US dollar also pressurized the oil prices. Outlook: Crude oil prices is expected to trade in negative bias and will take cues economic data releasing today.
COPPER
Copper prices fell plunged on Thursday to a ten month low after US theUSfed reserve warned of significant dangers to the economy. Copper prices at copper LME fell by 3.1% to $8111 a metric ton its 10 month lows & Shangai futures exchange copper fell 3.3% to 60,840 Yuan per metric ton. Stronger US dollar and weaker European banks continue to damped the sentiment and weaken the demand for the copper. Outlook : Copper prices is likely to trade in negative bias and take cues from developments in Euro zone &USeconomic data.
RUBBER
Yesterday Rubber futures on the National Multi-Commodity Exchange have closed flat in a very low active trading session.
