Both the precious metals, silver and gold advanced in the bullion market
today on emergence of buying by stockists and retail customers amid a
firming trend in global markets.
Gold -
Prices were higher on Friday and lower on the week. The most-active June gold contract on the Comex division of the New York Mercantile Exchange rose Friday, settling at $1,571.20 an ounce, but down 1.20% on the week. July silver rose Friday, settling at $23.465 an ounce, but down 0.971% on the week.
Base Metal -
The metals consolidated at higher numbers yesterday as the broad based selling across the markets from Wednesday abated. However, given dismal European and disappointing Chinese flash manufacturing PMI data, we feel the rally is likely to be just a counter trend move. The base metals ended the day up an average of 0.6 percent yesterday, the move was skewed by a 1.5 percent rise in tin. Copper closed up 0.2 percent at $7,559. Precious metals also rebounded were up an average of 0.7 percent.
There is little news out overnight and as a result markets have not moved much – the base metals are up by an average of 0.2 percent, but individual performances have been mixed with copper up 0.5 percent at $7,610, alumin-ium, nickel and zinc are up between 0.1 and 0.4 percent, while lead is down 0.1 percent and tin is off 0.3 percent.
The precious metals are mixed - gold and silver are off slightly at $1,558 and $28.17, while the PGMs are firmer at $1,418 and $594.
In Shanghai the August contracts are up an average of 0.3 percent, copper is up 0.4 percent at Rmb 55420, alu-minium is up 0.2 percent Rmb 15,994, zinc is 0.2 percent higher at Rmb 14,734 and lead is up 0.3 percent at Rmb 15,151.
Crude Oil -
Iran has been feeling increased pressure from US and EU sanctions against its oil industry, and as a result has on more than one occasion threatened to blockade the Straits of Hormuz, the busiest oil shipping channel in the world; a move that could severely disrupt global oil supplies and affect oil prices.
Gold -
Prices were higher on Friday and lower on the week. The most-active June gold contract on the Comex division of the New York Mercantile Exchange rose Friday, settling at $1,571.20 an ounce, but down 1.20% on the week. July silver rose Friday, settling at $23.465 an ounce, but down 0.971% on the week.
Base Metal -
The metals consolidated at higher numbers yesterday as the broad based selling across the markets from Wednesday abated. However, given dismal European and disappointing Chinese flash manufacturing PMI data, we feel the rally is likely to be just a counter trend move. The base metals ended the day up an average of 0.6 percent yesterday, the move was skewed by a 1.5 percent rise in tin. Copper closed up 0.2 percent at $7,559. Precious metals also rebounded were up an average of 0.7 percent.
There is little news out overnight and as a result markets have not moved much – the base metals are up by an average of 0.2 percent, but individual performances have been mixed with copper up 0.5 percent at $7,610, alumin-ium, nickel and zinc are up between 0.1 and 0.4 percent, while lead is down 0.1 percent and tin is off 0.3 percent.
The precious metals are mixed - gold and silver are off slightly at $1,558 and $28.17, while the PGMs are firmer at $1,418 and $594.
In Shanghai the August contracts are up an average of 0.3 percent, copper is up 0.4 percent at Rmb 55420, alu-minium is up 0.2 percent Rmb 15,994, zinc is 0.2 percent higher at Rmb 14,734 and lead is up 0.3 percent at Rmb 15,151.
Crude Oil -
Iran has been feeling increased pressure from US and EU sanctions against its oil industry, and as a result has on more than one occasion threatened to blockade the Straits of Hormuz, the busiest oil shipping channel in the world; a move that could severely disrupt global oil supplies and affect oil prices.
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