Bullion: Gold futures were trading slightly higher on domestic exchanges tracking rise in COMEX futures. However, local prices were confined to a narrow range due to rise in rupee against the dollar. Gold futures on COMEX rose today as the dollar weakened against the euro.
Metals: Base metal futures on the MCX traded in a range with a positive bias tracking a similar trend in benchmark contracts on the London Metal Exchange, where prices gained on weak dollar against the euro. In the domestic market, metal futures gained on global cues, but appreciation in rupee against the US dollar capped the gains.
Energy: Domestic crude oil futures traded higher tracking the rise in benchmark contracts on the New York Mercantile Exchange, where prices recovered slightly on bargain buying, and on a weak dollar against the euro. NYMEX crude oil rose today after declining in the previous session. Crude oil prices had declined earlier reflecting a fall in demand, as many refineries slowed down operations in the US East Coast due to the Hurricane Sandy.
Precious metals prices are trading higher on MCX today. We expect a further rise in the prices of precious metals. Buying at dips is recommended for the day. Base metals prices are trading higher on international bourses today. Buying at dips is recommended for the day. Crude oil prices are trading a tad higher on MCX today. We do not expect any major rise in the prices of oil on account of low US demand ahead of the Hurricane season and rising inventory at key ports. Selling on rise is recommended for the day.
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