Gold is trading at 1323.30 giving up some of this morning’s gains. Gold had climbed over $8 in the morning session but eased as the day progressed and is up $7 at this writing. Gold prices remained in range as Fed officials continued to cite the possibility of stimulus wind down by year end. Low exports were mainly because of supply restrictions as India’s gold imports had halted for the past two months. The U.S. Senate will hold a test vote today on legislation passed by the Republicans which would cover government funding till mid-December and defund Obama’s healthcare program. Gold prices are expected to move up as uncertainty regarding US fiscal issue can boost safe haven buying in gold. Crude Oil recovered 34 cents to trade at 103.48 but is expected to decline in the North American session after the release of today’s EIA inventory. NYMEX Crude oil prices decreased by 0.44 percent in yesterday’s trading session on the back of strength in DX coupled with mixed global market sentiments. Further, ease in geopolitical tension along with weak economic data from Euro zone added downside pressure on the prices. Additionally, uncertainty about the US Federal Reserve outlook for monetary stimulus kept prices under pressure. Crude oil prices fell on Tuesday as optimism over improving relations between Iran and US weighed on oil prices. Obama appreciated Iran’s efforts to resolve its nuclear dispute and a possible deal can ease the sanctions imposed on Iranian crude imports and can push crude prices down. Silver climbed 99 points reversing several days of decline to trade at 21.685 and Silver gained as global sentiment shifted and an increase demand for precious metals was coupled with better metal demand.COMEX copper for December delivery closed at $3.26 a ton. Three month copper on the London Metal Exchange closed down 1.01% at $7177 a ton.
Posted on: Thu, 26 Sep 2013 06:11:41 +0000
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