Friday, 14 November 2014

International Commodity Market News for Evening

Spot gold prices are trading lower for a second straight session today at $1158.30/oz as investors awaited U.S. jobless claims data for possible cues, and sentiment remained fragile as optimism over an economic recovery and a strong dollar dented  bullion's appeal as a hedge. More outflows from bullion-backed exchange-traded funds indicated that investors anticipate further price falls as the dollar stays close to a four-year peak against a basket of major currencies. On the MCX, gold prices are trading flat at Rs.25790/10gms.

Spot silver prices are trading marginally higher diverging from fall in gold prices. Weakness in the DX coupled with strong base metals complex is also acting as a positive factor for prices. On the MCX, silver prices are trading marginally higher by 0.32 percent at Rs.34806/kg.

LME Copper prices rose 0.26 percent today although evidence that China's economic growth cooled in October dented demand prospects but it has raised bets that Beijing will have to loose further stimulus to shore up its struggling property market. Copper prices have been stuck in range since mid-September with modest demand met by supply which is expected to swell next year, pressuring prices. MCX copper prices are trading higher by 0.47 percent at Rs.413/kg till 4:00pm IST.

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