Precious Metals
U.S. COMEX gold futures for December delivery settled down $10.70 at $1,765 an ounce, with trading volume about 30 percent below its 30-day average. Gold remained flat on Wednesday, fear about worsening Eurozone crisis along with concern about global economy, had dull the demand for gold as an inflation hedge.S&P on Wednesday cut Spain’s sovereign credit rating to BBB- just a notch above category. This has increased the worry about global financial condition.Gold remained flat and lower today as stronger dollar and worries over Eurozone’s debt crisis has reduced the demand for Gold. In India gold moved up amid stronger dollar compare to Indian rupee, also S&P’s statement on India about downgrading possibility of credit rating has increase safe haven appeal for gold in India.Gold for December delivery on the Multi Commodity Exchange (MCX) was 0.43 percent higher at INR31,456/10gms. After hitting the high of INR31,480/10gms.
Energy
U.S. November crude fell $1.14, or 1.23 percent, to settle at $91.25 a barrel, having traded from $91.02 to $93.66. Oil prices ended down after a volatile session on Wednesday, as concerns about slowing economic growth due to high oil prices pushed the prices down. Global oil demand is looking weaker than previously forecast as the slowing economy continues to weigh on consumption, according to monthly reports released on Wednesday by the U.S. government and OPEC. US crude moved up on Thursday, as geopolitical risk along with slowing oil demand has maintained the prices. Prices can be in pressure on the later half as crude inventories today is expected to be higher. Front-month U.S. natural gas futures ended higher on Wednesday for a third straight day, with chilly U.S. weather this week stirring demand, but milder Northeast and Midwest weather forecasts for next week helped limit the upside.Front-month gas futures on the New York Mercantile Exchange ended up 0.8 cent at $3.475 after trading between $3.431 and $3.514. Spring and summer months fell slightly.
In New York, COMEX copper for October delivery remained flat to settle at $3.7290 per lb, 0same as the previous close of $3.7290. Copper remained steadier on Wednesday compared to other metals, as concerns about weak demand and upcoming data from top consumer China awaited traders to take their position. Aluminum fell the most among other base metals as demand forecast for aluminum by top producers showed diminishing in near term. London Metal Exchange Copper pushed down on Thursday as stronger dollar and more weak forecasts from US companies renewed concerns over global demand. Benchmark copper on the London Metal Exchange (LME) closed at $8,165 a ton from a close of $8,145 on Tuesday.
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