Physical demand may support Gold ahead of Akshay Tritiya
Emkay Commodity Research has come out with its report on precious metals and energy. According to the research firm, Gold in India can be supported by physical demand ahead of Akshay Tritiya. However, a range bound rupee movement can keep gold prices in range.
Emkay Commodity Research has come out with its report on precious metals and energy. According to the research firm, Gold in India can be supported by physical demand ahead of Akshay Tritiya. However, a range bound rupee movement can keep gold prices in range.
Precious Metals:U.S. gold futures for June delivery settled up USD 24.90 at USD 1,473.70 an ounce, with trading volume about 20 percent below its 30-day average.Gold prices were supported by strong physical demand from India and China as net gold inflows from Hong Kong hit a record in March.A weaker dollar against the euro after German industrial output unexpectedly rose also helped support gold prices. SPDR Gold Trust, the world's largest gold-backed exchangetraded fund’s holdings fell 0.60 percent to 1051.47 tonnes on Wednesday from 1057.79 tonnes on Tuesday.Gold prices internationally are likely to move in a range as strong equity markets and outflows from exchange traded funds are likely to offset the strong physical demand and keep prices in check.Gold in India can be supported by physical demand ahead of Akshay Tritiya. However, a range bound rupee movement can keep gold prices in range.Gold for June delivery on the Multi Commodity Exchange (MCX) was up by 1.39 percent at INR 27,093/10gms.Also read: Should you buy gold this Akshaya Tritiya? Religare's takeEnergy:U.S. crude futures for June delivery settled up by USD 1 at USD 96.62 a barrel, up by 1.05 percent.Crude prices were supported by lower than expected inventories and a weaker dollar which pushed prices higher.Expectations of easing supply glut at Cushing due to increased capacity also supported crude prices.Upbeat German industrial production and higher crude oil imports by China improved the demand outlook for crude and pushed prices up.We expect crude oil prices to go up as improved economic outlook for US and upbeat economic data from euro zone and China are likely to support prices.US natural gas futures ended higher on Wednesday on technical buying and profit booking ahead of Thursday's inventory report.Natural gas prices are expected to move down The EIA on Tuesday raised its estimate for domestic natural gas production in 2013, expecting output this year to be up about 1 percent at record high which can pressurize prices.Front-month gas futures on the New York Mercantile Exchange ended up 5.8 cents, or 1.5 percent, at USD 3.978 per million British thermal units.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. 
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