Gold commodity marked its second weekly gain at the international and domestic markets with the yellow metal riding higher on the back of losses in major equity markets globally and good slide in US Dollar Index (USDX).
Silver too advance this week with the commodity once again rising around 5% and managing a decent outperformance over gold.
Silver owing to its higher beta and speculation that continued set of weaker Chinese economic data would force the government and its central bank to add more stimulus, gained more weight last week to $17 per ounce at Comex.
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Base Metals
Base metals on the LME aprt from Aluminium traded on a negative note yesterday after a surprise fall in U.S. consumer confidence. In addition, investors doubted whether additional monetary policy easing in top metals consumer China would translate into a significant increase in demand.
On the MCX, red metal prices plunged by 1.5 percent and closed at Rs.404/kg on Tuesday.
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WTI oil prices rose on Thursday on bargain buying at lower levels. Besides, data showing tight U.S. gasoline supplies and technical trading ahead of options expiry provided rare support amid a long downturn. U.S. government data showed gasoline stockpiles fell to their lowest level in two years, pushing gasoline futures 3 percent higher early and boosting crude futures which have fallen more than 25 percent since June.
On the MCX, crude prices declined by 0.3 percent continuing its
downtrend in the recent weeks and closed at Rs.5109/bbl.
US natural gas futures edged lower on Thursday after the government reported a bigger-than-expected storage build and on forecasts for moderate weather over the next two weeks.
On the MCX, crude oil prices are expected to trade lower taking cues from weak international markets.
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Spot gold prices remained steady on Thursday supported by renewed worries about a global economic slowdown.
On the MCX, gold prices rose by 0.72 percent and closed at Rs.27449/10 gms.
Spot silver prices declined by half a percent taking cues from marginal decline in gold prices. Weakness in the base metal pack exerted downside pressure on prices.
On the MCX, silver prices rose marginally by 0.27 percent and closed at Rs.38872/kg.
Lead:
Lead September prices have resistance at Rs.127.5 and can remain under pressure as far as it trades below this level. Only a breakout above Rs.127.5 can take prices higher towards Rs.129.0. On lower side prices have support at Rs.125.0.
Nickel:
Nickel September prices have resistance at Rs.1065 and as far as prices trades below selling can be seen there. Prices on lower side can fall towards 1040 and Rs.1030. Prices should not move above Rs.1075 to maintain negative outlook for the day.
Gold prices are expected to move down due to positive USeconomic data but uncertainty regarding the US debt ceiling issue can keep prices in check.
We expect crude oil prices to move down on optimism over negotiations with Syria and Iran, easing supply worries.
We expect copper prices to move down as worries over US budget talks is likely to weigh on prices.
Traditionally, investors have had more exposure in equities and fixed income. They should now diversify into commodities even if it means holding 5-10 percent of their portfolio. What they have to be careful with, as with any asset class, is they should do their research and homework on how to invest in commodities, what instruments to use and what risks there are in investing in commodities. For retail investors, the easiest way to get started with commodities is the gold ETF
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Silver too advance this week with the commodity once again rising around 5% and managing a decent outperformance over gold.