GOLD
Spot gold prices fell on Monday as investors sold gold in order to cover their losses in equities & commodity markets. In the current scenario investors preferred to hold cash where Euro zone issue is deepening & no signs of providing solution to Greece which is in the verge of default. Today Gold was steady at $1810 an ounce. Gold spdr’s the world’s largest gold backed ETF remained unchanged on 1251 tons on Monday. Outlook: Gold is expected to trade in positive bias & later take cues from developments in Euro zone &USeconomic data. (Building permits & Housing starts)
SILVER
Silver traded at $39.49 an ounce on Tuesday in Asian trading and the USshows the world’s largest economy is struggling & Euro crisis is worsening pressurize the silver prices. Euro zone leaders haven’t granted the bailout package forGreeceas the country has to take steps to reduce the budget deficit in order to receive the package. Ishares silver trust, the world’s largest silver backed ETF holdings remained unchanged 9956 tons on Monday. Outlook: Silver is expected to consolidate & take cues from US dollar index &USeconomic data.
CRUDE OIL
U.S.crude prices declined on Tuesday on concerns of Euro zone leading into a bigger issue asGreecein the verge of default.Greecepledged 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 weakeningUSeconomy. US sweet traded at $85.72 a barrel down by 3% on Monday in Asian trading. Outlook: Crude oil prices is expected to consolidate & take cues from US economic data & Euro zone issues.
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 slowingUSeconomy.Italydowngrade by standard & Poor with negative outlook for future & investors are cutting their exposure to risky assets in the current economic scenario. Copper prices reached an low of $8332 a metric ton in LME yesterday its lowest in 2011 after making a high of $10170 in February. Outlook : Copper prices is likely to trade in negative bias and take cues from developments in Euro zone & US economic data.
RUBBER
Yesterday Rubber futures on the National Multi-Commodity Exchange has witnessed some profit booking pressure as the improved weather has prompted the traders to take profit on their positions, on anticipation that improved weather will resume the tapping and thus improvement in supply.
