Gold futures tumbled as European Central Bank
President Mario Draghi said that interest rates will
remain low or go lower "for an extended period of
time”. Weakness in Euro set further pressure on
The European Central Bank held its benchmark
interest rate at a record low in July, in a bid to
boost wavering growth in the region, it announced
on Thursday. The ECB said it was maintaining its
benchmark interest rate at a record low 0.5%, in
line with market expectations.
U.S dollar index quoted affirmative at 83.89 with
gain of 0.81%. High demand from oil importers
and Bankers kept dollar in positive territory.
Gold had lost 23 percent in the April-June period
on reports that U.S. Federal Reserve's monetary
policy could end soon. Hence it supported a rise in
interest rates, making gold less attractive.
Asian stocks traded broadly higher Friday ahead of
the June non-farm payroll report due out before
the start of U.S. trading Friday, impacted gold
futures. Release on U.S Unemployment Rate and
Nonfarm Payrolls data may put further pressure
The coal industry in the US may be upset with the
President Barack Obama’s plan to deal withthe
climate change, but for crude oil, it’s a blessing in
The Obama administration has been pushing to fight
global warming and one of the modes is to control
the carbon emissions by the coal-fired plants. At the
core of his plan are controls on power plants that
emit carbon dioxide — heat-trapping gases blamed
for global warming.
The move has not gone down well with the
stakeholders of the coal industry. The plan has
triggered wide spread condemnation from the U.S.
coal industry across the industrial Midwest, where
state and local economies depend on the health of
an energy sector facing strict new pollution limits.
Copper futures for August delivery on India's Multi
Commodity Exchange (MCX) is negative and the
commodity is expected to continue with the trend for
the week. However, the futures may witness buying
support near 404 level.
For intra-day, support for the base metal is seen at 415
while resistance is seen at 419 and 422 levels.
Traders are advised to take sell position near 414.00
with the stop loss of 419 for the target of 410.
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