Precious metals closed higher onWednesday and ended its last three days straight losses. Bullion pricesadvanced on mounting concern that US budget negotiations have stalled, raisingthe risk of a government shutdown. Actively traded Gold contract surged 1.51% or 19.90 pointsto 1335.90 and Silver rose to 21.89, up 1.39%or 30 cents an ounce. Base metals closed in green onWednesday with three-month Copper ended up by 0.13%or 9 points at 7186.0while Lead, Nickel and Zinc gained almost half a percent each. Prices tradedmixed on tight range and volumes remain subdued of a week-long holiday in top consumerChina. On data front, US Unemployment Claims and Pending Home Sales are theimportant releases which are scheduled at 6.00 PM and 7.30 PM respectively.Market forecast for Jobless Claims is 319k compared to the previous week�sclaims of 309k. CrudeOil prices on NYMEX settled lower on Wednesday with the front month Oilcontract eased 0.46% or 47cents to close at 102.66, on track for its sixthstraight session of losses. The near term outlook turned negative with theprevious close as settled below the crucial support of 103.0 per barrel. Theinventory report released last night showed an unexpected gain in the stockpilewhich also helped prices to drift lower. NaturalGas prices finished flat with a meager gain of 0.03%at 3.49. Natural Gas Storage report is setto be released to night at 8.00 PM by the Energy Information Administrationwith a forecast of 60BCF against the previous figure of 46BCF.
Posted on: Thu, 26 Sep 2013 15:46:07 +0000
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