Precious Metal:
U.S. gold futures most-active contract for December settled
down 0.3 percent, or $5.10, at $1,775.70 an ounce. Gold remained down on Tuesday continuing its downfall from
Monday stronger dollar investors focused
on the likelihood of better economic recovery in the United States than in
Europe and Asia in the near-term. The World Bank cut its economic growth forecasts for the East
Asia and Pacific region and said there was a risk the slowdown in China could
worsen and last longer.Gold inched up higher on Tuesday as a correction after two continuous
days of downfall. Adding to it was a safe haven appeal of Gold due to worries
in Eurozone’s Spanish region. Indian gold inched up by 0.53% on Monday a biggest gain in
three weeks. Weaker rupee against dollar outperformed downfall in international
market. Gold for December delivery on the Multi Commodity Exchange
(MCX) was 0.53 percent higher at INR31,331/10gms. After hitting the low of INR31,081/10gms.
Energy:
U.S. November crude dropped 55 cents, or 0.61 percent, to
settle at $89.33 a barrel, ending below the $89.88 100-day moving average and
having swung from $88.21 to $89.89. US crude futures fell for the second straight day on Monday mainly
due to concerns that slower economic growth in China and the debt crisis in
Europe will reduce the demand for petroleum and oil. Tension increase in Middle East as Turkish President
Abdullah Gul said on Monday the "worst-case scenarios" were now
playing out in Syria and Turkey would do everything necessary to protect itself,
as its army fired back for a sixth day after a shell from Syria flew over the
border. US crude showed upward movement today as increasing geopolitical
risks from Middle East increased the supply concerns and has overlapped global
economic concerns of slow growth. U.S. natural gas futures ended higher on Monday, backed by forecasts
for mostly chilly U.S. weather this week that should stir more heating demand
despite concerns about record high supplies and an outlook for milder mid-month
forecasts. Front-month gas futures on the New York Mercantile Exchange ended
up 0.7 cent at $3.403 per million British thermal units after trading between
$3.327 and $3.431.
Base Metals:
In New York, COMEX copper for October delivery remained flat
to settle at $3.7940 per lb, after dealing between $3.8000 and $3.7840. Copper continued its downfall on Monday as stronger dollar reduced
the demand for copper and concerns for demand from top consumer China amid
global growth. The OECD on Monday stated
the outlook for the world's major economies including the United States
and Germany has deteriorated slightly, although China may be stabilizing after
a recent slowdown. London copper moved up 0.2% on Tuesday, traders are still cautious
ahead of Chinese data coming this week to know the health of the world's second
largest economy and top consumer of copper. Benchmark three-month copper on the London Metal Exchange was
untraded at the close, but bid at $8,180, down from Friday's close of $8,295
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