epicresearchindore
Epic Research
All eyes are on the US, as the lawmakers resume negotiations to avert “fiscal cliff” looming over the world’s largest economy. Precious metals are moving in tight ranges as investors adopted a wait and see policy as US Senate convenes for the budget talks today and tomorrow. In lackluster trades, spot gold was varying in narrow ranges $1649-1668 while, spot silver was seen trading in $29.50-30.50 ranges awaiting fresh cues for further directional moves. A similar trend was witnessed in the Indian markets too. Following a weak opening,
MCX gold was a tad up while, silver was up about 0.2 percent after declining for the last three sessions. Meanwhile, the trend setting LME reopened today after the Christmas and Boxing Day holidays. Base metal complex in LME gained over one per cent on optimism over economic recovery in China. LME copper rose to a one week high tracking gains in SHFE copper futures. A data released earlier today showed that profits earned by the Chinese companies rose 22.8 percent in November on a year-on-year basis. However, caution prevailed in the market prior to the US budget talks. Positive movements in the international market lifted base metal complex in MCX too, yet gains remained capped. Crude oil showed a mixed trend. WTI was seen extending the previous session gains following an initial dip on NYMEX and was trading near two month high while, Brent crude oil was trading slightly lower in ICE.
MCX gold was a tad up while, silver was up about 0.2 percent after declining for the last three sessions. Meanwhile, the trend setting LME reopened today after the Christmas and Boxing Day holidays. Base metal complex in LME gained over one per cent on optimism over economic recovery in China. LME copper rose to a one week high tracking gains in SHFE copper futures. A data released earlier today showed that profits earned by the Chinese companies rose 22.8 percent in November on a year-on-year basis. However, caution prevailed in the market prior to the US budget talks. Positive movements in the international market lifted base metal complex in MCX too, yet gains remained capped. Crude oil showed a mixed trend. WTI was seen extending the previous session gains following an initial dip on NYMEX and was trading near two month high while, Brent crude oil was trading slightly lower in ICE.