Spot Gold prices were trading in the green at $1183/oz till 3.45 pm IST today, after falling considerably in the last couple of sessions. The dollar which weakened marginally today cushioned the yellow metal prices. However, the dollar may strengthen back as global markets are still choppy on concerns over the Eurozone crisis. Financial markets remain risk averse ahead of the Eurozone meeting today. The European ministers meeting would provide further direction to the markets. Copper prices recovered today and were trading at $6678/tonne on the LME till 3.55 pm IST taking cues from the movement in the dollar. The dollar which declined, albeit marginally today supported the red metal prices to gain. Moreover, copper inventories continued to decline at the LME warehouse today and this factor also provided support to the prices. However, markets are still concerned as the European financial markets declined within a short time after opening on a flat note. This is reflecting that concerns over the crisis still persist. Crude oil prices were also trading in the green on the Nymex till 3.50 pm IST taking cues from the movement in the dollar. The weaker dollar supported the crude oil prices. Crude oil prices have lost around 20% in the last two weeks retreating from a high of $87/bbl. The ongoing economic concerns in the Eurozone is leading to concern that the demand for crude oil may decrease. Outlook There is no major economic data to be released from the US today. However, a crucial watch is the meeting of the Eurozone ministers today. Investors expect that the European Union will take further measures to halt the region’s debt crisis. Any positive outcome may provide some relief to the investors. The dollar will remain strong ahead of the meeting today. This will exert pressure on dollar-denominated commodities including copper and crude oil. Gold prices will trade with a negative bias as a stronger dollar will cap gains in the yellow metal prices.

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