US stimulus concerns hit Gold prices; COMEX, MCX Gold bearish.
Gold prices continued their bearish trend on Friday on concerns that US Central Bank end its monetary stimulus later this year. The yellow metal is expected to end this week on a bearish note on Comex. Gold futures for December delivery on Globex platform of Comex was seen trading down by 1.51% at $1309.9 per troy ounce as of 14.27 IST on Friday.Depreciation of Indian Rupee (INR) against US Dollar (USD) is expected support the commodity prices to certain extent during intra-day trade. INR was seen touching 63.74 against USD, a depreciation of 0.44% as of 15.40 IST on Friday. This week, gold prices in the global market remained under pressure on concerns that US Federal Reserve may start curbing its monetary stimulus later this year on improving economic condition in the United States and around the globe. In the early Asian trading hours the yellow metal prices edged up on slightly on Physical demand. Meanwhile, the number of persons employed decreased by 0.1% in the Euro area (EA17) and remained stable in the EU27 in the second quarter of 2013 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union on Friday.
NYMEX Crude Oil bearish, MCX Crude Oil may decline till 6800.
US crude oil declined on Friday and continued its downward movement. The commodity was seen trading bearish amid Russia and the United States started to find a diplomatic solution to persisting Syrian issue. Earlier in the last week, crude oil prices recorded a significant up-tick supported by the concerns that crude oil supply may get disrupted, if the United States start a military action against Syrian forces in response to alleged chemical weapons attack on Syrians by Syrian forces.
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