Gold, Copper And Crude Oil Wtnessed Gains On Thursday

European equities traded on a positive note owing to a better-than-expected rise in the earnings of the companies. Asian markets ended on a firm note while US markets traded in green. European Current Account was at a surplus of 10.9 billion euros in May from a previous surplus of 5.5 billion euros a month ago. UK's Retail Sales increased at the slow pace of 0.1 percent in June from a previous rise of 1.4 percent in May.

Spot gold prices increased around 0.8 percent today owing to upbeat global market sentiments along with weakness in the Dollar Index. The yellow metal touched an intra-day high of $1,584.91/oz and hovered around $1584.30/oz today till 4:30pm IST. On the MCX, the gold August contract increased 0.3 percent tracing firmness in the spot prices and was trading around Rs.29,245/10 gms today. However, appreciation in the Indian rupee restricted sharp gains in the prices.

Taking cues from the strength in the gold and base metals pack spot silver prices gained 0.9 percent today. Additionally, weakness in the Dollar Index acted as a positive factor for the upside in the prices. Silver prices touched intra-day high of $27.44/oz and are trading around $27.40/oz today. In domestic markets too prices increased 0.5 percent and hovered around Rs.52,974/kg and touched an intra-day high of Rs.53,011/kg till 4:30pm IST today.

The base metals pack traded on a positive note today on account of positive global market sentiments along with weakness in the DX. Additionally, decline in LME inventories also helped upside in the prices. Copper, the leader of the base metals complex gained by 1.4 percent today on account of decline in LME copper inventories by 0.4 percent and stood at 252,550 tonnes.

The red metal touched an intra-day high of $7,753/tonne and hovered around $7,745/tonne today till 4:30pm IST. On the domestic front, prices gained around percent and were trading around Rs.429.60/kg today. However, appreciation in the Indian rupee capped further gains in the red metal prices.

Nymex crude oil prices gained by 1.1 percent on the back of decline in US crude oil inventories coupled with weakness in the DX. Additionally, positive global market sentiments also supported upside in prices. Crude oil prices touched an intra-day high of $90.92/bbl and were trading around $90.85/bbl today. On the domestic bourses, prices gained by 1.2 percent and hovered around Rs.5,028/bbl till 4:30pm IST today.

In the evening session, we expect precious metals, base metals and crude oil prices to trade on a positive note on account of upbeat global market sentiments along with weakness in the DX. Additionally expectations of positive home sales and manufacturing data from the US will also support an upside in the prices. However, US unemployment claims are expected to come on a negative note which might cap sharp gains or even reversal in the markets.