GOLD: Physical gold prices slipped to Rs18,525 per kg today in Delhi because of selling pressure amongst stockists after the metal prices declined in overseas markets. Gold prices fell below $1,190 an ounce in Europe today as investors awaited the outcome of European bank stress tests at the end of the week, with a majority of institutions expected to pass the tests. Spot gold was bid at $1,186.05 an ounce at 07:13 NYT, against $1,191.80 late in New York on Wednesday.
It is expected that the US gold market will open steady and will trade around $1,190 on Fed chairman comments on weak US economy which pushed dollar to 7-month low against yen. “Trendline support from 2008 is closing in near $1,175 and, against here, we are looking for a bounce,” said Barclays Capital in a note. “However, to suggest a stronger base, we prefer to see a meaningful recovery through trendline resistance at $1,205.” India Gold futures on MCX were trading at Rs 18,251 per 10 gms, 0.62% down from the previous day. Gold is expected to be range-bound for day ahead.
SILVER: Reduced demand from industrial units weakened silver in physical market by Rs 30 to Rs 28,950 per kg. Trading sentiment turned bearish after gold, tracking decline in metal commodities on fears of an uncertain US economy growth, dropped in global markets. Silver prices dropped in futures trade today on sluggish market demand, influenced by a weak global trend. At MCX, silver for September month declined by 0.24% to Rs 28,728 per kg as compared to the previous close of Rs 28,797 at 05:00pm. Meanwhile, international spot silver traded upper by 0.12% to $17.80 an ounce at 07:15 NYT.
COPPER: India copper futures were 1.43% up as copper hit its highest in international markets in nearly two months during the day. A weaker dollar made the metal cheaper for non-US investors and equities rallied, but gains were capped by concerns about the US economic recovery and metals demand. Benchmark copper for 3-month delivery on the LME traded at $6,888 a tonne at 0918 GMT from a close of $6,850 a tonne on Wednesday. It earlier hit $6,900 a tonne, its highest since May 28. Taking cues from overseas markets, metals were recovering losses from morning sessions. August contract on MCX was trading at Rs 327.25 per kg and made high of Rs 328.30 till now. Copper was strong for the day ahead.
