Nine “O” Clock
Currency Commodity Report
Comex Gold December: $1203.00
Comex silver December:$1507.00
Nymex Crude Oil: $67.28
US dollar Index: 96.16
India’s gold imports zoomed in July. In my view these are due
to stocking before the hindu festive season which started from today and will
continue till mid-November. Spot gold is trading below $1200. Euro and cable
are steady against the US dollar. It is difficult to comment which way the
currency markets will go tomorrow. At the moment everything is the herd. Due to
weaker rupee MCX gold and silver are steady while MCX copper has risen.
Tomorrow also direction of the Indian rupee against the US dollar will be the
key to all MCX metals and energies. There will be massive short covering (in
options as well as futures) if emerging market currencies weaken against the US
dollar (including the indian rupee and the Indonesian rupiah).
GOOD NIGHT
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