Market Pearl

International Crude Update U.S. crude oil futures rose in early Asian trade on Monday after the Greek parliament approved a deeply unpopular austerity bill to secure a second bailout from the European Union and International Monetary Fund and avoid a messy default. On the New York Mercantile Exchange, crude for March delivery gained 63 cents to $99.30 a barrel as of 0017 GMT. In London, ICE March Brent crude climbed 54 cents to $117.85. Gold Updates Gold strengthened on Monday in line with gains in shares and the euro after Greece's parliament finally approved a deeply unpopular austerity bill to secure a second bailout from the European Union and the IMF to avoid bankruptcy. Physical buying from China also helped lift gold up$6.10 an ounce to $1,725.49 by 0236 GMT. Bullion fell to $1,703.69 on Friday, its lowest since late January, as uncertainty over negotiations for Greece's bailout package prompted investors to cash in. The Greek parliament approved on Monday the deeply

Gold Updates Gold prices came under pressure on Wednesday, taking cues from dollar strength coupled with weak market sentiments. A stronger dollar makes dollar-denominated commodities look expensive for the holders of other currencies. The yellow metal touched an intra-day low of $1724/oz and ended at the level of $1733/oz yesterday. MCX Gold April contract declined around 0.7 percent and touched an intra-day low of Rs28,125/10 gms on Wednesday. We expect gold and silver to trade with a negative bias today, on account of a stronger dollar and weak sentiments in the markets due to rising worries over global economy. Silver will also take cues from movement in gold and base metal prices. Copper Live Report Copper prices touched a 20-month high today on news that the Chinese government pledged to support first-time home buyers in China. The country is the world’s largest consumer of copper which is used in pipes and wires and the People’s Bank of China said yesterday that the governm

Crude oil rose for a second day on Tuesday, helped by a weaker dollar and industry data showing an unexpectedly steep drawdown in U.S. crude inventories. Industrial metals ended lower on Tuesday pressured by the Greek debt discussions, but the market turned higher in later electronic trade pulled by the rally in the euro amid expectations a Greek rescue deal will be completed soon. Precious Metal Update Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund stood at 1277.13 tonnes by Feb 07, remains unchanged from the previous business day. Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 9664.26 tonnes by Feb 07, remains unchanged from the previous business day. Hong Kong's shipments of gold to mainland China in 2011 grew more than three times from a year earlier, confirming China's r apidl y g rowing appe t i t e for bul l ion, despite a sharp drop in December. Free Commodity tip