German Final Gross Domestic Product (GDP) remained unchanged at - 0.6 percent in the Q4 of 2012. German Ifo Business Climate rose by 3.2 points to 107.4-mark in February from earlier rise of 104.2-level in January.
Spot gold prices increased by 0.4 percent today on the back of rise in risk appetite in the global market sentiments. Additionally, weakness in the US Dollar Index (DX) also supported an upside in the gold prices. The yellow metal touched an intra-day high of $1586.85/oz and hovered around $1582.06/oz in today?s trade till 4:30pm IST. On the domestic bourses, prices declined by 0.4 percent on account of appreciation in the Indian Rupee and was trading at Rs.29,742/10 gms today.
Taking cues from rise in gold prices along with mixed performance in the base metal pack, Spot silver prices gained by 0.7 percent today. Additionally, upbeat global market sentiments coupled with weakness in the DX also supported an upside in the prices. The white metal touched an intra-day high of $28.92/oz and was trading around $28.86/oz in today trading session. On the domestic front, prices declined as a result of appreciation in the Indian Rupee and was trading around Rs.54,112/kg today till 4:30pm IST.
The base metals pack traded on a mixed note on the back of favorable economic data from the Euro region, upbeat global market sentiments along with weakness in the DX. However, mixed LME inventories scenario added downside pressure on the base metal prices.
Copper, the leader of the base metals group increased around 0.4 percent on account of upbeat global market sentiments coupled with weakness in the DX. However, sharp upside in the prices was capped on the back of rise in LME Copper inventories by 1 percent which stood at 424,350 tonnes today.
Nymex crude oil prices increased by 0.2 percent today taking cues from positive German business confidence data coupled with uobeat global market sentiments. Additionally, weakness in the DX also acted as a positive factor for the crude oil prices. Appreciation in the Indian Rupee added downside pressure on crude oil prices on the MCX.
In the evening session, we expect precious metals, base metals and crude oil prices to trade on a positive note on the back of upbeat global market sentiments coupled with weakness in the DX. Additionally, German business confidence data also came on a positive note which also will support an upside in the prices.
Courtesy: Angel Commodities
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