GEPL Capital has come out with its report on bullions, base-metals and energy updates. � Bullions Gold futures dropped to the lowest since January as signs of slowing growth from China to Germany sent the dollar higher, curbing demand for the precious metal The Standard & Poor's GSCI Index of 24 raw materials fell as much as 1.6 percent after Germany's manufacturing and services industries unexpectedly weakened and a report showed China's manufacturing may contract for a fifth straight month in March. The dollar rose as much as 0.4 percent against a basket of six currencies. Gold futures for April delivery fell 0.5 percent to $1,642.50 an ounce at 1:44 p.m. on the Comex in New York, after touching $1,627.50, the lowest since Jan. 13. Still, prices are up 4.8 percent this year. Jewelers in north and east India, the world's biggest bullion importer, will continue a shutdown to protest higher taxes, leaving about half the nation's stores closed, according to a trade group. Jewelers held the first nationwide strike in seven years after the government raised taxes on imports and on non-branded jewelry last week. Silver futures for May delivery tumbled 2.7 percent to $31.345 an ounce on the Comex. Earlier prices touched $31.09, the lowest since Jan. 20. On the New York Mercantile Exchange, � Base- Metals Copper declined to the lowest in almost two weeks after a preliminary report showed manufacturing in China, the biggest consumer, may contract for a fifth month, eroding demand prospects amid high local stockpiles. Three-month copper fell as much as 1.1 percent to $8,365.50 a metric ton, the lowest level since March 9, on the London Metal Exchange and traded at $8,379 by 3:58 p.m. Tokyo time. The metal had gained 0.3 percent earlier. The Comex May-delivery contract was down 1 percent at $3.8085 a pound. Before China's manufacturing data was announced, the metal rose on signs that the housing market is stabilizing in the U.S., a drop in LME stockpiles and an increase in China's imports. Copper stockpiles monitored by the LME shrank for a 20th session to 258,325 tons, the lowest level since July 2009, daily exchange figures showed. Refined-copper imports by China rebounded 12 percent in February from a month earlier, customs data showed yesterday. The metal for delivery in June on the Shanghai bourse fell 1.1 percent to close at 59,750 yuan ($9,474) a ton. On the LME, aluminum dropped 0.3 percent to $2,202 a ton and zinc was little changed at $2,018.50 a ton. Lead fell 1 percent to $2,023 a ton and nickel declined 0.6 percent to $18,690 a ton. Tin was down 0.4 percent at $22,900 a ton. � Energy Oil fell in New York for the second time in three days after France said industrialized nations are considering a release from strategic stockpiles and a report showed Chinese manufacturing may contract. Futures dropped as much as 1.5 percent after French Industry Minister Eric Besson said the country is "studying with its partners all possible options," including the supply of oil from emergency reserves. Manufacturing in China, the world's second-largest oil consumer, may decline for a fifth month in March Crude for May delivery slid as much as $1.60 to $105.67 a barrel in electronic trading on the New York Mercantile Exchange. It was at $106.01 at 12:37 p.m. London time. The contract gained $1.20 yesterday to $107.27, the highest close since March 19. Prices are 7.3 percent higher this year. Brent oil for May settlement on the Londonbased ICE Futures Europe exchange declined as much as $1.22, or 1 percent, to $122.98 a barrel. The European benchmark contract was at a premium of $17.65 to New York futures. The difference was $16.93 at yesterday's close, the smallest in three weeks.

Source