Commodity Market- Highlights

Gold prices remained steady below $1340 in the international market. Copper fell from 27 months high. Dollar index remained volatile after yesterday’s fall and is now up by 0.12 per cent. In the domestic market gold prices were down 0.20 per cent and base metal complex showed a mixed trend. Oil prices fell as crude oil inventory forecast showed a rise in inventories on increased imports, choppy dollar and as Hurricane Richard weakened. Crude oil and gasoline inventory are seen up while distillate inventories are seen down. Markets are waiting for US Fed’s decision on second round of monetary easing for further direction. All eyes will be on Fed’s meeting next week and the release of advanced estimate of US GDP this Friday. US GDP is expected to grow at a faster rate of two per cent in the third quarter compared to the second quarter growth rate of 1.7 per cent.

Posted in: Free Commodity News