Mangal Keshav`s view on Gold, Silver, Copper, Crude

Mangal Keshav has come out with its report on Gold, Silver, Copper, Crude Oil and Natural Gas

Gold futures closed higher, after an agreement by Greece leaders on an austerity deal buoyed the euro against the dollar, and as European central banks decided to continue its loose monetary-policy. Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, increased to 1,278.34 tons, as on Feb 9.

Silver holdings of ishares silver trust, the largest ETF backed by the metal, increased to 9,700.53 tons, as on Feb 9.

China's inflation spiked to a consensus-busting 4.5% in January, breaking a 5-month softening trend and sparking worries that monetary easing might not occur soon.

Greek political leaders clinched a long-stalled deal by agreeing to harsh austerity measures & reforms required for securing a second international bailout in 2-years.

Greece's new debt deal was confirmed by European Central Bank President Mario Draghi, should pave the way for a 130bn euro ($172bn) aid package for the troubled country.

Bank of England announced the expansion of its quantitative easing program by a further £50bn to support the UK economy, which contracted 0.2% in the last quarter of 2011, and prevent a recession.

Copper jumped to its highest level in nearly 5-months, rallying with the euro as the dollar slid after Greece confirmed it had clinched a deal for emergency aid to help the country avoid a disorderly default. Copper futures for Dec. delivery closed up by 1.8% at $3.9785 per pound on the COMEX division of the New York Mercantile Exchange.

Crude oil futures extending gains for the third session, as an austerity agreement in Greece and a decline in US jobless claims raised hopes of greater demand for oil.

A Spokesman of Iraq's Oil Ministry said, the country will lose the capacity to export 1.7mn barrels per day (bpd) of crude, if Iran blocks the Strait of Hormuz - Bloomberg.

Natural gas recovered from its early losses, after Chesapeake Energy Corp. said it has reduced production by "a bit more" than it the 500mn cubic feet per day, which it had previously announced and reiterated plans to lower output by as much as 1bn.

The US Energy Information Administration data showed a smaller-than-expected decline for gas in storage i.e. down by 78bn cubic feet for the week ended Feb. 3.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment