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Precious Metals Preview:

download (19)Gold Starts New Year On Steady Note.

Gold is looking to add to its awesome gains in New Year. The metal stayed supported over the last few days as a relentless drop in the US dollar index kept the overall undertone supportive for the commodity. The US dollar index fell well under 90 mark and eased near 89.60 yesterday, keeping Gold broadly supported. COMEX Gold futures currently trade at $1901 per ounce, up marginally on the day right now. MCX Gold futures closed at Rs 50115 per 10 grams, almost unchanged on the day amid firm movement in Indian Rupee. The INR hit fresh two month high around 73 per US dollar. MCX Gold stayed supported around lows near Rs 50K offered excellent support. COMEX Gold seems poised to end the year with gains of around 20% after witnessing a historic run to fresh all time highs near $2100 per pound..

Energy Preview:

crude-oil-price-compressedCrude Sees Steady Gains.

WTI Crude was well supported above $48 per barrel in US trades on mostly positive economic cues. MCX Crude oil closed at Rs 3528 per barrel, up 0.28% on the day. A report released by MNI Indicators on Wednesday showed acceleration in the pace of growth in Chicago-area business activity in the month of December. MNI Indicators said its Chicago business barometer rose to 59.5 in December from 58.2 in November, with a reading above 50 indicating growth. The US Labor Department said initial jobless claims edged down to 787,000, a decrease of 19,000 from the previous week’s revised level of 806,000. Meanwhile, India’s Crude Oil-Crude Oil production declined by 4.9% in November, 2020 over November, 2019. Its cumulative index declined by 6% during April to November, 2020-21 over the corresponding period of previous year.

Base Metals Preview:

shutterstock_546669673-minCopper Slides Under Rs 600 Mark On MCX.

COMEX Copper futures corrected yesterday as traders booked profits on the last session of 2021. The metal turned lower after recent consolidation and fell around 1% in intraday moves. The counter trades at $3.52 per pound right now, up slightly on the day. MCX Copper futures closed at Rs 595.65 per kg, down 0.88% on the day as a slide under Rs 600 mark weighed. In a key data for the metal, China’s manufacturing sector growth moderated at the end of the year, survey data from the National Bureau of Statistics showed Thursday. The official manufacturing Purchasing Managers’ Index fell to 51.9 from 52.1 in November. US equities saw choppy action in thin trading on the last session of the year. European stocks slipped though, with heavy losses in UK markets.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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