Spot Gold prices were trading in the green till 4.00 pm IST today after falling drastically in the last session. The yellow metal prices lost more than 3% yesterday as profit booking at higher levels became inevitable. Gold prices have already gained around 12% in this year.
The Asian equity markets were trading on a mixed note in the afternoon trade. The European markets were trading in the green but lacked a sharp trigger as concerns over the sovereign crisis continued to dominate the investor sentiments.
Copper prices were also trading in the green till 4.00 pm IST today on the back of the softer US dollar index (DX). The DX was trading in the red in the Asian trade today which helped the red metal prices to gain. However, the overall economic outlook for copper continues to remain bearish on the back of unfavorable economic data from the US, UK and China.
All the three large economies reported slow manufacturing growth in their individual countries. Copper inventories continued to decline today, supporting the prices. Inventories declined by 2125 tonnes to reach 447,300 tonnes.
Crude oil prices continued to decline today and were hovering around $72.87/bbl on the Nymex till 4.00 pm IST today. Crude oil prices had suffered in the previous session as slow manufacturing data from the major economies weighed on the prices. Slow manufacturing may reduce demand for the commodity which in turn would affect the prices.
Outlook
A close watch for today is the US unemployment rate which is expected to increase to 9.8% as against previous figures of 9.7%. Other than that, the US authorities are also expected to announce economic data on average hourly earnings, factory orders and non-farm employment change today. Data is expected to come on the negative side which could further add to the woes. We expect the DX to rebound in the evening session as the global economic situation still remains grim.
Copper prices are expected to come under pressure in the evening trade taking cues from the movement in the DX. The US markets remain closed on Monday on the back of Independence Day, and hence investors may avoid taking fresh positions ahead of the long weekend. Crude oil prices will continue to trade with a negative bias in the evening trade. Gold prices may come under pressure as the stronger DX will exert pressure on the prices.
Spot Gold prices were trading in the green till 4.00 pm IST today after falling drastically in the last session. The yellow metal prices lost more than 3% yesterday as profit booking at higher levels became inevitable. Gold prices have already gained around 12% in this year.
The Asian equity markets were trading on a mixed note in the afternoon trade. The European markets were trading in the green but lacked a sharp trigger as concerns over the sovereign crisis continued to dominate the investor sentiments.
Copper prices were also trading in the green till 4.00 pm IST today on the back of the softer US dollar index (DX). The DX was trading in the red in the Asian trade today which helped the red metal prices to gain. However, the overall economic outlook for copper continues to remain bearish on the back of unfavorable economic data from the US, UK and China.
All the three large economies reported slow manufacturing growth in their individual countries. Copper inventories continued to decline today, supporting the prices. Inventories declined by 2125 tonnes to reach 447,300 tonnes.
Crude oil prices continued to decline today and were hovering around $72.87/bbl on the Nymex till 4.00 pm IST today. Crude oil prices had suffered in the previous session as slow manufacturing data from the major economies weighed on the prices. Slow manufacturing may reduce demand for the commodity which in turn would affect the prices.
Outlook
A close watch for today is the US unemployment rate which is expected to increase to 9.8% as against previous figures of 9.7%. Other than that, the US authorities are also expected to announce economic data on average hourly earnings, factory orders and non-farm employment change today. Data is expected to come on the negative side which could further add to the woes. We expect the DX to rebound in the evening session as the global economic situation still remains grim.
Copper prices are expected to come under pressure in the evening trade taking cues from the movement in the DX. The US markets remain closed on Monday on the back of Independence Day, and hence investors may avoid taking fresh positions ahead of the long weekend. Crude oil prices will continue to trade with a negative bias in the evening trade. Gold prices may come under pressure as the stronger DX will exert pressure on the prices.
The Asian equity markets were trading on a mixed note in the afternoon trade. The European markets were trading in the green but lacked a sharp trigger as concerns over the sovereign crisis continued to dominate the investor sentiments.
Copper prices were also trading in the green till 4.00 pm IST today on the back of the softer US dollar index (DX). The DX was trading in the red in the Asian trade today which helped the red metal prices to gain. However, the overall economic outlook for copper continues to remain bearish on the back of unfavorable economic data from the US, UK and China.
All the three large economies reported slow manufacturing growth in their individual countries. Copper inventories continued to decline today, supporting the prices. Inventories declined by 2125 tonnes to reach 447,300 tonnes.
Crude oil prices continued to decline today and were hovering around $72.87/bbl on the Nymex till 4.00 pm IST today. Crude oil prices had suffered in the previous session as slow manufacturing data from the major economies weighed on the prices. Slow manufacturing may reduce demand for the commodity which in turn would affect the prices.
Outlook
A close watch for today is the US unemployment rate which is expected to increase to 9.8% as against previous figures of 9.7%. Other than that, the US authorities are also expected to announce economic data on average hourly earnings, factory orders and non-farm employment change today. Data is expected to come on the negative side which could further add to the woes. We expect the DX to rebound in the evening session as the global economic situation still remains grim.
Copper prices are expected to come under pressure in the evening trade taking cues from the movement in the DX. The US markets remain closed on Monday on the back of Independence Day, and hence investors may avoid taking fresh positions ahead of the long weekend. Crude oil prices will continue to trade with a negative bias in the evening trade. Gold prices may come under pressure as the stronger DX will exert pressure on the prices.
Spot Gold prices were trading in the green till 4.00 pm IST today after falling drastically in the last session. The yellow metal prices lost more than 3% yesterday as profit booking at higher levels became inevitable. Gold prices have already gained around 12% in this year.
The Asian equity markets were trading on a mixed note in the afternoon trade. The European markets were trading in the green but lacked a sharp trigger as concerns over the sovereign crisis continued to dominate the investor sentiments.
Copper prices were also trading in the green till 4.00 pm IST today on the back of the softer US dollar index (DX). The DX was trading in the red in the Asian trade today which helped the red metal prices to gain. However, the overall economic outlook for copper continues to remain bearish on the back of unfavorable economic data from the US, UK and China.
All the three large economies reported slow manufacturing growth in their individual countries. Copper inventories continued to decline today, supporting the prices. Inventories declined by 2125 tonnes to reach 447,300 tonnes.
Crude oil prices continued to decline today and were hovering around $72.87/bbl on the Nymex till 4.00 pm IST today. Crude oil prices had suffered in the previous session as slow manufacturing data from the major economies weighed on the prices. Slow manufacturing may reduce demand for the commodity which in turn would affect the prices.
Outlook
A close watch for today is the US unemployment rate which is expected to increase to 9.8% as against previous figures of 9.7%. Other than that, the US authorities are also expected to announce economic data on average hourly earnings, factory orders and non-farm employment change today. Data is expected to come on the negative side which could further add to the woes. We expect the DX to rebound in the evening session as the global economic situation still remains grim.
Copper prices are expected to come under pressure in the evening trade taking cues from the movement in the DX. The US markets remain closed on Monday on the back of Independence Day, and hence investors may avoid taking fresh positions ahead of the long weekend. Crude oil prices will continue to trade with a negative bias in the evening trade. Gold prices may come under pressure as the stronger DX will exert pressure on the prices.
