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BULLION
Gold in the international edged up on Tuesday and
was seen trading near one month high supported
by the weak US Dollar and strong buying from
China. The yellow metal was also seen supported
by the recent comments from the US Federal
Reserve Chairman Ben Bernanke.
Gold futures for August delivery on Globex
platform of Comex was seen trading down by
0.61% at $1328.25 per troy ounce as of 05.35 PM
IST on Tuesday.
Gold prices in the global market were also
supported by an unexpected decline in US home
sales. In the United States, existing-home sales
declined in June but have stayed well above year-
ago levels for the past two years, while the median
price shows seven straight months of double-digit
year-over-year increases, according to the data
released by the National Association of Realtors on
Monday. Total existing-home sales, which are
completed transactions that include single-family
homes, town homes, condominiums and co-ops,
dipped 1.2 percent to a seasonally adjusted annual
rate of 5.08 mn in June from a downwardly revised
5.14 mn in May, but are 15.2 percent higher than
the 4.41 mn-unit level in June 2012.
MARKET NEWS
ENERGY
Australia's massive mineral exports allowed it to weather
the global recession, which began in 2008, quite nicely.
The U.S. government's Energy Information
Administration noted in its country's analysis for
Australia,
“Australia, rich in hydrocarbons and uranium, was the
world's second largest coal exporter in 2011 and the third
largest liquefied natural gas (LNG) exporter in 2012.
Australia is rich in commodities, including fossil fuel and
uranium reserves, and is one of the few countries
belonging to the Organization for Economic Cooperation
and Development (OECD) that is a significant net
hydrocarbon exporter, exporting over 70 percent of its
total energy production according to government
sources. Australia was the world's second largest coal
exporter based on weight in 2011 and the third largest
exporter of liquefied natural gas (LNG) in 2012."
Natural gas - Six basins in Australia stretching from
coastal Queensland to Western Australia's far northwest
contain recoverable shale resources of as much as 437
trillion cubic feet of gas, all of which was previously
inaccessible because it is contained in shale formations,
which could be unlocked by "hydraulic fracturing." But
the U.S. Department of Energy predicts that Australia's
shale gas industry will develop at a "moderate pace"
because the nation's shale oil and gas resources do not as
yet have the advanced production infrastructure that has
underwritten the U.S. production boom.
BASE METAL
Copper prices in the global market edged up on
Tuesday amid speculation that China, world's
second largest economy is planing to boost its
economic growth.
Premier Li Keqiang’s government perceives that
7 percent growth as the lowermost point for
tolerance of an economic slowdown, as per a
media report.
As of now, the traders hope that the Chinese
government would take necessary steps to
boost its economic growth. Copper futures for
September delivery on Globex platform of
Comex was seen trading down by 0.53% at
$3.168 per pound as of 01.48 PM IST on
Tuesday.
US House Price Index is scheduled to be released at
06.30 PM IST while Eurozone Consumer Confidence
data is expected at 07.30 PM IST today.
In the United States, existing-home sales declined in
June but have stayed well above year-ago levels for
the past two years, while the median price shows
seven straight months of double-digit year-over-year
increases, according to the data released by the
National Association of Realtors on Monday.
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