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Precious Metals Preview:

COMEX Gold Recovers On Good ETF Buying.

Gold edged up on good investment demand hopes. The metal extended gains from two week low and hit a one week high near $1960 per ounce. Gold currently trades at $1954 per ounce, almost unchanged on the day. MCX Gold closed at Rs 51390 per 10 grams, almost flat on the day after testing a low under Rs 50900 mark. According to a latest update from the World Gold Council or WGC, Gold-backed ETFs and similar products (gold ETFs) recorded their ninth consecutive month of inflows in August, albeit at their slowest pace for 2020. Collectively, gold ETFs added 39 tonnes (t) during the month, equivalent to US$2.1bn or 0.9% of assets under management (AUM) as the price of gold reached a record high of US$2,067 early in August. As equities continued to climb to new all-time highs, interest rates rose and yield curves steepened, investor positioning in the gold market consolidated later in the month and the gold price ended the month slightly lower (-0.38% or US$1,957/oz) for the first time in five months. Year-to-date, global net inflows have come in at 938t (US$51.2bn). Gold also rose as late-stage studies of AstraZeneca’s Covid-19 vaccine candidate are on temporary hold. In a statement issued on Tuesday evening, the company said its standard review process triggered a pause to vaccination to allow review of safety data.

Base Metals Preview:

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Copper Supported As Equities Rally.

Copper rose yesterday after recent correction. Equities moved up amid mixed economic cues. Traders also eyed a continued fall in LME Copper inventories which are currently placed around a 15 year low. Solid gains emerged in the US stocks after latest string of losses. Lack of economic cues did not matter as tech stocks rallied sharply. COMEX Copper fell near 3 per pound mark before witnessing a good pullback. MCX Copper closed at Rs 525.60 per kg, up 0.36% on the day.
On the economic front, the unemployment rate in world’s biggest economies eased in July but remains higher than levels before the Covid-19 pandemic, according to the Organisation for Economic Co-operation and Development (OECD). The unemployment rate in the group’s 37 member countries fell to 7.7% in July from 8% in June, the Paris-based organisation said in a report on Wednesday. Both, however, were higher by 2.5 percentage points from February.

Energy Preview:

Crude Surges, MCX Futures End Around Rs 2800 Per Barrel Mark.

WTI Crude oil futures surged yesterday on bargain buying after testing near three month low. Oil has been hammered this week. The commodity has extended losses well under $40 per barrel as the large scaled demand compression triggered by the ongoing COVID-19 pandemic weighed on the market. Rising US and European equities put a floor in oil around $36 per barrel. The commodity rose around 3.50% in US trades to break above $38 per barrel. However, the WTI Crude futures eased in Asia to trade at $37.80 per barrel, down 0.66% on the day. MCX Crude closed at Rs 2798 per barrel, up 3.44% on the day.


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