Gold Silver base metals to be volatile Crude Oil to witness selling pressure

Last Updated : November 14, 2012 18:22

MUMBAI (Commodity Online): Precious metals and base metal prices in the evening session are expected to remain volatile on speculation that Japan central bank might provide stimulus measures along with weakness in the DX. This is expected to support an upside in the metal prices.

However, risk aversion amongst the market participants might be witnessed if retail sales comes on an unfavourable note resulting in increase in the demand for the low yielding currency that is DX. This in turn would pressurize dollar denominated commodities.

Crude oil prices might witness selling pressure on expectation of rise in the Crude Oil inventories. However, sharp losses are expected to be cushioned owing to weakness in the DX.

Precious Metals

Spot Gold prices are trading on a flat note on the back of firm global market sentiments along with weakness in the DX. Worries of fiscal cliff issues is creating gold to behave as a safe haven asset.

In the domestic markets MCX gold prices remained subdued due to low trading on the occasion of festivals. Taking cues from firmness in Gold prices along with positive movement in the base metals complex, Spot Silver prices gained 0.28% today.

Weakness in the DX acted as a positive factor for the white metal prices. The white metal touched a high of $32.66 per ounce and is currently trading around $32.55 per ounce. In the domestic markets increased 0.3 percent taking cues from firmness in the international prices.

Base Metals

Base metal prices gained due to rise in risk appetite amongst market participants and thereby weakness in the DX. Further, decline in the LME inventories also added to the gains in the pack.

Copper prices rose 0.5% taking cues firm global market sentiments and decline in the Copper inventories.

Energy

Nymex Crude Oil prices increased 0.6% due to short covering by the market participants. Weakness in the DX also supported an upside in the crude oil prices.

Courtesy: Angel Commodities

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Source: http://www.commodityonline.com/futures-trading/market-report/Gold-Silver-base-metals-to-be-volatile-Crude-Oil-to-witness-selling-pressure-29202.html

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