Gold futures fell to a one-week low on speculation that the U.S. will avert a default, eroding demand for the precious metal as a haven. Silver futures for December delivery climbed less than 0.1 percent to $21.896 an ounce. The price has dropped 28 percent this year. West Texas Intermediate rose from a three-month low on signs that lawmakers were getting closer to an agreement to increase the U.S. debt ceiling. Copper rose in London, rebounding from a three-week low, on speculation U.S. politicians will agree to increase the government’s borrowing limit and avoid a debt default. Copper stockpiles tracked by the LME, at the lowest level since March, slid for a 26th session to 512,450 tons, daily exchange data showed.
Gold has been trading in a tight range since the U.S. shutdown began last week, with investors believing worries over raising the debt ceiling would be only short-lived.
Spot gold had risen 0.4 percent to $1,291.24 an ounce by 0318 GMT, after dropping for three straight sessions. The metal was headed for a 1.5 percent weekly drop - its sixth decline in seven weeks, bringing the year's losses to 23 percent.
Today’s Trend for Gold and Silver
GOLD (DEC)
Trend: Consolidate | Strategy: Buy on dips
R1- 29270, R2- 29650 | S1-28580, S2- 28150
Silver futures for December delivery climbed less than 0.1 percent
SILVER (DEC)
Trend: Consolidate | Strategy: Buy on dips
R1- 49350 R2- 51500 | S1-47350, S2- 46280
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