Commodity Gold Tips

Commodity Gold Tips :-

Gold importers in India, the world's biggest buyer of the metal, retreated on Wednesday as prices recovered from their lowest level in nearly two weeks.

The festival season is underway in India and will peak with Diwali and Dhanteras next month. Weddings also take place during this period.

"There was activity yesterday, but since gold has moved up to USD 1,750 an ounce, there is not big interest at these levels today," said a dealer with a private bullion importing bank in Mumbai.

At 2:38 p.m., the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.21 percent higher at Rs 31,104 per 10 grams, helped by global overseas leads, recovering from the previous session's two-week low of Rs 30,862, a level last seen on October 5.

Global gold inched up, rising for a second day with the support of a stronger euro as concerns about the bloc's debt crisis eased after Moody's affirmed Spain's rating and German business sentiment improved.

The rupee, which strengthened on Wednesday, capped the upside in prices. The local currency plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Silver for December delivery on the MCX was 0.26 percent higher at Rs 60,185 per kg.

Crude Oil Updates

Crude Oil Updates :-

MCX Crude oil futures are trading with steady gains today as the global WTI futures consolidated above $92 per barrel.. The global equities are in a positive mode today on strong US industrial output numbers and reports that Spain is mulling a request for a line of credit from the European Union. Euro jumped to near one month high above 1.3100 levels against the US dollar today and the WTI futures are quoting at $92.36, up 28 cents per barrel on the day.

In economic news, US industrial output rebounded a bit in September after a steep drop in the prior month when Hurricane Isaac took a toll on oil output, the Federal Reserve reported Tuesday. US industrial output edged up 0.4% in September after a revised 1.4% drop in the prior month, originally reported as a 1.2% decline.

The US stocks rallied impressively last night and helped WTI futures scale up from its lows. The counter is quoting up above $92 per barrel right now as the European markets trade with little gains. MCX Crude oil futures are trading at Rs 4881, up Rs 22 per barrel on the day, with a 9.80% gain in the open interest. The prices have been almost stagnant during afternoon trades

Commodity Tips

Commodity Tips :-

Japanese machine tool orders dropped by 2.8% in September on an annual basis, following a 3% decrease the previous month, according to data released today by the Japan Machine Tool Builders' Association. This is the fifth consecutive slide for the key-manufacturing gauge. Domestic orders slipped by 13.2%, down for the fourth month in a row while orders from overseas customers edged up by 1.8% to JPY 76.39 billion. The association blames moves by corporations to shift investment abroad, including factory construction. The strong yen is a major factor driving domestic manufacturers away from Japan.