Bullion: COMEX gold
futures came under pressure due to strong dollar against the euro and concerns
over the debt crisis in Euro zone. The downside in the metal was limited on
reports that central banks around the world are boosting their gold holdings to
diversify their foreign exchange reserves.
Energy: Crude oil
futures on MCX were trading lower tracking a similar movement in the overseas
market, where a firm dollar against the euro and expectation of a rise in the
US crude oil inventory weighed on prices. Crude oil is expected to trade with a
negative bias in the rest of session with the November contract on NYMEX seen
finding support at $89.85 and facing resistance at $91.53.
Metals: Base metals
on the MCX were trading lower tailing the fall in international prices, but a
weak rupee against the US dollar limited a sharp fall in domestic prices.
Meanwhile, on the London Metal Exchange, fears over a possible escalation of
the Eurozone debt crisis and a consequent weaker euro against the dollar pulled
down metal prices.
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