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BULLION
In the global market, the yellow metal
edged up on Monday supported by weak
USD and weaker than expected US Non-
farm payrolls data, released last week. A
weaker than expected data temporarily
curbed investors concerns that Federal
Reserve would roll back its monetary
stimulus later this year.
Recently, the Fed indicated that it would
start cutting its $85 billion monthly bond
purchasing program if the US economy
backs to its growth track.
Gold futures for December delivery on
Globex platform of Comex was seen
trading up by 0.27% at $1315.35 per troy
ounce as of 13.50 IST on Monday.
Holdings at SPDR Gold Trust, declined
0.26 percent to 918.64 tons on Friday
reaching a fresh four-year lows.
MARKET NEWS
ENERGY
On Monday evening, crude oil futures on
NYMEX edged down on profit booking
and was seen trading bearish amid
positive global cues. US crude oil futures
on NYMEX was seen trading down by 1.07
percent at $105.81 per barrel as of 18.42
IST on Monday.
On Monday morning, crude oil futures in
the global market rose and was seen
trading positive on after last week's
promising data releases from the United
States, China, and Europe. NYMEX Brent
crude oil prices were seen trading above
$109 per barrel while US crude oil futures
was seen trading above 107 per barrel.
Euro area Services Business Activity Index
rose to 49.8 in July, up from the flash
estimate of 49.6. It indicated that the
Euro area service sector moved to the
verge of stabilisation, according to the
data released by the Markit on Monday.
BASE METAL
Copper in the international market
edged down despite last week's
positive data releases from around the
world. However, Markit
manufacturing/services index gave a
mixed view on major economies in
globe on Monday there by pressuring
the base metal prices in the global
market to certain extent.
Comex copper prices were seen trading
negative on Monday afternoon. Copper
futures for September delivery on
Globex platform of Comex was seen
trading down by 0.35% at $3.162 per
pound as of 16.11 IST on Monday.
Service providers in China signalled a
modest expansion of business activity,
as signalled by the HSBC China Services
Business Activity Index, posting 51.3 in
July, unchanged from the previous
month. However, growth in the service
sector remains historically weak, as per
the data released by Markit on
Monday.
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