Spot Gold prices continued to gain for a third consecutive day and were trading at $1212/oz till 3.45 pm IST today. The yellow metal prices were trading above Rs 18600 on the MCX. Gold is attracting demand as a safe-haven investment which is leading to surge in prices. The yellow metal is considered as the safest asset in turbulent times. Investors fear that the European crisis would adversely affect the global markets.
Copper prices gained today taking cues from the positive equities worldwide. The Asian as well as the European markets were trading in the positive till afternoon which helped the commodity prices to wipe out earlier losses of the week. However, markets still remain susceptible over the economic issues in the Eurozone. The dollar index which measures its performance against a basket of currencies remained strengthened despite the positive equities. The stronger dollar capped major gains in copper as well as other metal prices.
Crude oil prices were also trading in the green today till 3.45 pm IST today ahead of the inventory data to be released by the US energy department. The American Petroleum institute reported yesterday that gasoline supplies fell 3.19 million barrels last week in the US. However, the stronger dollar capped major gains in the commodity prices.
