Commodity Report – 05 September 2013 Daily Commentary Gold fell 1.5 percent on Wednesday, slipping below $1,400 an ounce as strong U.S. auto sales boosted economic hopes and fears of a Western-led military strike against Syria lost some of their urgency. Silver and platinum group metals tumbled along with other industrial commodities. Platinum and palladium each posted their biggest one-day loss in more than two months. Bullion gave up its gains from Tuesday. It remained unclear whether Congress would approve a military strike against Syria in response to a poison gas attack that killed civilians last month. Today’s Outlook The speculation over strikes in Syria continues to keep the markets volatile. Gold and Oil prices witnessed pullback yesterday as fears of prolonged battle in Syria eased off. Also pushing the precious metal lower was positive Beige Book economic report which increases the chances of QE tapering in the upcoming FOMC meet. As I write, Rupee is up over 2% in the opening trades. All commodities are expected to open substantially lower. One can short Gold and Oil on any kind of intraday bounce. ---------------------------------------------------------------------------- Disclaimer: This report has been prepared by AUM CAPITAL and the information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of the report it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. AUM Capital, its directors and employees will not be in anyway responsible for the contents of this report.
Posted on: Thu, 05 Sep 2013 04:31:02 +0000
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