US stimulus concerns hit Gold prices; COMEX, MCX Gold bearish.

Gold prices continued their bearish trend on Friday on concerns that US Central Bank end its monetary stimulus later this year. The yellow metal is expected to end this week on a bearish note on Comex. Gold futures for December delivery on Globex platform of Comex was seen trading down by 1.51% at $1309.9 per troy ounce as of 14.27 IST on Friday.Depreciation of Indian Rupee (INR) against US Dollar (USD) is expected support the commodity prices to certain extent during intra-day trade. INR was seen touching 63.74 against USD, a depreciation of 0.44% as of 15.40 IST on Friday. This week, gold prices in the global market remained under pressure on concerns that US Federal Reserve may start curbing its monetary stimulus later this year on improving economic condition in the United States and around the globe. In the early Asian trading hours the yellow metal prices edged up on slightly on Physical demand. Meanwhile, the number of persons employed decreased by 0.1% in the Euro area (EA17) and remained stable in the EU27 in the second quarter of 2013 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union on Friday.

NYMEX Crude Oil bearish, MCX Crude Oil may decline till 6800.

US crude oil declined on Friday and continued its downward movement. The commodity was seen trading bearish amid Russia and the United States started to find a diplomatic solution to persisting Syrian issue. Earlier in the last week, crude oil prices recorded a significant up-tick supported by the concerns that crude oil supply may get disrupted, if the United States start a military action against Syrian forces in response to alleged chemical weapons attack on Syrians by Syrian forces.

Demand for crude oil from the Organization of Petroleum Exporting Countries (OPEC) in 2014 would be 29.2 million barrels per day (mb/d). The figure is 1.3 million lower than current production by OPEC, as per the estimates by International Energy Agency (IEA). Global crude oil supply is estimated to have fallen by 770 kb/d in August to 91.59 mb/d, with both non‐OPEC and OPEC registering monthly declines. For the full third quarter, non‐OPEC production is expected to rise by 520 kb/d quarter-on-quarter as a seasonal decline in the North Sea is more than made up for by North American growth and steady production elsewhere, as per IEA estimates.

US initial jobless claims drop; MCX Lead bearish, Nickel sideways.

India lead futures are continuing its downward trend on Thursday and are expected to continue with the trend for the day. Lead witnessed a sharp decline on London Metal Exchange (LME) on Thursday. However, depreciation of Indian Rupee against US Dollar (USD) limited further decline in the base metal prices to certain extent in Indian futures market.

MCX nickel prices are likely to trade in a narrow range and further selling pressure is expected only below the support level of 867. On upper side, sustaining above 885 level may push the prices till 895 level.

MCX lead for September delivery was seen trading up by 0.33% at Rs.876 per kilogram as of 18.10 IST on Thursday.

In the United States, in the week ending September 7, the advance figure for seasonally adjusted initial jobless claims were 292,000, a decrease of 31,000 from the previous week’s unrevised figure of 323,000. The 4-week moving average was 321,250, a decrease of 7,500 from the previous week’s revised average of 328,750, according to the data released by the Department of Labor.

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