Gold, Silver, Copper, Crude May Remain Positive

European equities are trading on a positive note on the back of expectations of stimulus measures by the Chinese government after the economy grew at its slowest pace in last three years. Asian markets ended on a mixed note and US stock futures are trading in the green. 

Spot gold prices increased around 0.8 percent on the back of rise in risk appetite in the global markets. Additionally, weakness in the US Dollar Index (DX) also helped upside in Gold prices. The yellow metal touched an intraday high of $1586.63/oz and hovered around $1584/oz today till 4:30pm IST. On the MCX, Gold August contract gained by  0.1  percent and was trading around Rs.29,246/10 gms today. However, appreciation in the Indian rupee capped a sharp upside in prices.

Taking cues from rise in gold prices along with upside in base metals group, Spot Silver prices rose by  0.9  percent today. Additionally, a weaker DX also acted as a positive factor for silver prices. The white metal touched an intraday high of $27.49/oz and was trading around $27.44/oz today. In the Indian markets appreciation in the Indian rupee restricted sharp upside in silver prices and hovered around Rs.53,085/kg after touching an intraday high of Rs.53,211/kg till 4:30pm IST today.  

The base metals complex traded on  an upbeat note on account of positive global market sentiments coupled with weakness in the DX. Copper, the leader of the base metals pack gained by 1.6 percent today on the back of rise in risk appetite in the global markets coupled with weakness in the DX. 

However, further upside in prices was prevented on account of rise in LME Copper inventories. The red metal touched an intraday high of $7,674/tonne and hovered around $7,697/tonne till 4:30pm IST today. On the domestic front, prices gained by 0.7 percent and were trading around Rs.426.05/kg today. However, appreciation in the Indian rupee will cap sharp rise in the prices.

Nymex crude oil prices gained by 1.1 percent today on the back of expectations that Chinese government will declare stimulus measures to boost its economy after the country’s economy grew at slowest pace in last three years. 

Additionally, weakness in the DX coupled with tighter sanction on Iranian crude oil by US will also push upside in prices. Crude oil prices touched an intraday high of  $87.08/bbl and hovered around $87.01/bbl today. On the domestic bourses, prices gained around 0.4 percent and was trading around Rs.4,801/bbl today till 4:30pm IST.

In the evening session, expecting precious metals, base metals and Crude oil prices to trade on a positive note on the back of positive global market sentiments along with weakness in the DX. Additionally, expectations of better US consumer sentiments in the later part of the trade will push upside in the commodity prices.