Crude in the international market as well as gold and silver prices have dropped continuously. MCX CrudeOil prices fell to the lowest level in 11 years. Over- supply growth, which led to the decline in crude Brent crude has risen close to $ 36. The dollar has declined sharply because of the sleep light. Comex price is closed at 1077 dollars per ounce.
Precious metals rose more than 1 percent
on Monday as weaker than expected U.S. data and uncertainty about how
fast the Federal Reserve will tighten interest rates next year weighed
on the dollar.
SPDR Gold Trust GLD, the world’s largest
gold-backed exchange traded fund, said its holdings stood at 645.94 down
2.97 tonnes, from previous business day.
GOLD & SILVER Drop:
The US dollar has returned strong gold sheen. Tuesday's trading session gold has dropped after two days of gains. The Comaks gold ounce has fallen to 0.30 per cent in 1077. However, silver fell 0.50 percent to $ 14.25 per ounce level.
Experts say that in the last two days of recovery in the gold price had climbed to 2.5 per cent, but the rebound in the dollar index, gold prices have again deepened. HSBC analyst James Steel said that the world's largest gold ETFs SPDR holdings on Friday bought 19 tonnes. Shopping is the biggest in two months. However, holdings of ETFs is still at 7-year lows.
Commodity MCX NCDEX Calls Today :
BUY CRUDE OIL AT Current market price 2412, Stoploss 2377, Target 2465
BUY COPPER 315.10 TARGET 317.50 - 320 STOPLOSS 313
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