GOLD SILVER CRUDE AND NATURAL GAS DAILY REVIEW FOR TODAY 12-JUN

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Gold

Spot gold prices increased declined by around 0.5 percent in yesterday's trading session on the back of rise in risk aversion in the glob al markets. The yellow metal touched an intra-day low of $1366.65/oz and closed at $1379.0/oz in yesterday's trade.

However, sharp downside in prices was cushioned on account of weakness in the DX. Further, expectations that central banks over the globe will not add more stimulus measures added downside pressure.

In the Indian markets, prices ended on a negative note, declining 0.4 percent and closed at Rs.27892/10 gms after touching an intra-day low of Rs. 27678/10 gms on Tuesday. Depreciation in the Rupee prevented sharp fall in prices on the MCX.


Silver

Taking cues from fall in gold prices along with downside in base metals group, Spot silver prices fell 1.4 percent in yesterday's trade. The white metal touched an intra-day low of $21.45/oz and closed at $21.60/oz in yesterday's trading session. However, sharp downside in prices was prevented as a result of weakness in the DX.

On the domestic front, prices dropped 1.2 percent and closed at Rs.43,611/kg after touching an intra-day low of Rs.43,307/kg on Tuesday. Depreciation in the Rupee restricted sharp fall in prices on the MCX.

Outlook

In today's trade, gold and silver prices are expected to trade with an negative bias on the back of weak global markets. Further, strength in the DX will also add downside pressure on prices. Additionally, fall in SPDR gold holdings will act as a negative factor.

Crude Oil

Nymex crude oil prices declined around 0.4 percent in yesterday's trading session, taking cues from more than expected rise in APRI crude oil inventories. Further, expectations that central banks over the globe will not add more stimulus measures acted as a negative factor for prices. Crude oil prices touched an intra-day low of $94.04/bbl and closed at $95.40/bbl on Tuesday.

However, sharp downside in prices was cushioned on account of weakness in the DX.

On the domestic bourses, prices fell 1.1 percent and the commodity closed at Rs.5,517/bbl, after touching an intra-day low of Rs.5,505/bbl in yesterday's trade. Depreciation in the Rupee prevented sharp fall in prices on the MCX.

API Inventories Data

As per the American Petroleum Institute (API) report last night, US crude oil inventories increase more than expected by 9.0 million barrels to 396.32 million barrels for the week ending on 7th June 2013. Gasoline inventories gained by 1.0 million barrels to 221.15 million barrels and whereas distillate inventories shoot up by 1.5 million barrels to 121.93 million barrels for the same week.

EIA Inventories Forecast

The US Energy Department (EIA) is scheduled to release its weekly inventories report today at 8:00pm IST and US crude oil inventories is expected to fall by 0.7 million barrels for the week ending on 7th May 2013. Gasoline stocks are expected to gain by 0.6 million barrels whereas distillate inventories are expected to rise by 1.5 million barrels for the same period.


Outlook

For today's trade, crude oil prices in the international markets are expected to trade on a lower note on the back of weak global markets coupled with strength in the DX. Further, rise in API crude oil inventories and expectations of no stimulus spending from central banks over the globe will add downside pressure on prices. However, sharp downside will be cushioned as a result of forecast for fall in US crude oil inventories. Depreciation in the Indian Rupee will prevent sharp fall in prices on the MCX. 

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