Precious metals prices are trading little changed on MCX today. Buying at dips is recommended for the day. Industrial metals prices are trading lower on International bourses today. Crude oil prices are trading higher on MCX today. Buying at dips is recommended for the day.
• Bullions:
Gold dropped about 1 percent yesterday after the Federal Reserve linked its monetary policy to unemployment, raising concerns that future economic stimulus could be limited. Gold has risen nearly 9 percent so far this year. But gold is likely to remain range bound, as many investors are closing books for the year, while the difficult U.S. budget talks keep them away from big bets.
• Base Metals:
Copper fell on Thursday as an impasse in U.S. budget talks showed little sign of being resolved and a Federal Reserve decision to tie its monetary policy to unemployment raised concerns that its economic stimulus might be limited. But today morning copper recovered on LME after data showed China’s manufacturing may expand at a faster pace, adding to signs that demand in the world’s top metals buyer is recovering.
• Energy:
U.S. crude-oil futures seen falling again as worries about the impending fiscal cliff brought a quick end to any euphoria over fresh economic stimulus from the Federal Reserve.
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