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Gold & Copper Live Report

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 government will boost affordable-housing construction.

On account of mounting worries over Euro Zone debt crisis coupled with dollar strength, we expect base metals to trade with a negative bias today. Additionally, unfavorable economic data from China will also exert further downside pressure on prices. In case of copper, expected rise in copper demand from China will provide support for the red metal prices today.

Here we provide commodity updates, gold tips, copper report, commodity updates.

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