Spot gold prices are trading on a flat note taking cues from strength in the DX along with weak global market sentiments. Signs of global recovery in the US and China resulted in reduced safe haven buying of the yellow metal. However, there were some hopes of rise in the demand at the lower levels as Chinese market reopens today after Lunar New Year holidays.
In the domestic market, prices of gold on MCX are trading on a flat note with mild bearishness. Depreciation in the rupee however, cushioned fall in the gold prices.
Spot silver prices are also trading higher till 4:30 p.m today tracing mild strength in the spot gold prices. Strength in the DX along with weakness in the base metals pack however restricted gains in thespot silver prices. MCX Silver prices are trading higher taking cues from firmness in the spot silver prices. Depreciation in the rupee also supported an upside in the MCX silver prices today.
The base metals complex are trading on a bearish note due to growth concerns in the Euro zone region along with strength in the DX. Rise in the LME inventories of most of the metal also acted as a bearish factor for the base metal prices. Depreciation in the Rupee cushioned fall in the base metals prices on MCX.
Copper prices are trading 1.32 percent lower due to concerns of growth in the Euro zone region along with strength in the DX. However, sharp downside in the prices are expected to be cushioned on hopes of rise in the demand from China after the Lunar New Year holidays. Rise in the LME Copper inventories also exerted downside pressure on the red metal prices. Depreciation in the rupee restricted fall in the copper prices on MCX.
Nymex crude oil prices are trading 1.5 percent down due to strength in the DX along with weak global market sentiments. Unfavorable industrial production data US weighed on the prices. Crude shipments from Saudi Arabia witnessed a fall and touched a 15 month low in December. This indicated lower demand which weighed on the prices. Depreciation in the Indian rupee however, restricted fall in the crude oil prices on MCX.
In the evening session, we might witness subdued trading activity in the precious, base metals and crdue oil prices as the US markets are closed on the occasion of President Day. Stregth in the DX might exert downside pressure on the commodities. Investors might also await comment from the European Central Bank President, Mario Draghi in the later part of the evening today.
Courtesy: Angel Commodities
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