Crude Investors await EIA Inventory and OPEC Outcome this Week, Gold Flirts with USD 1200 Levels Gold continued flirting round USD 1200 levels in its previous trade with the MCX gold futures contract adding 0.3% to 26471 while the MCX silver futures contract ended 0.39% higher at 36221 levels. Short squeeze has helped bullions in limiting its recent downward journey with the investors continuing to eye the US economic indicators. If some physical demand comes in at the current levels, it is likely to further support the market sentiment for gold and silver. We continue holding a more firm view on Silver than gold. As of writing, the Comex gold futures contract is up 0.18% at 1198.80 while the Silver futures contract is trading 0.88% higher at 16.58 per troy ounce. Crude oil swung between mild gains and losses as investors focused on the OPEC meeting due later during this week. The sentiment stayed cautious as the oil traders do not see an agreement on trimming production. Some fund managers have also given predictions to crude oil falling to $60 per barrel without OPEC cut. The market participants are also eyeing the EIA weekly inventory results due later during the week. As of writing, the Nymex crude futures contract is trading flattish at 75.78 per barrel.
Posted on: Tue, 25 Nov 2014 03:43:22 +0000
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