Nirmal Bang expects crude oil prices to give a bounce-back

Nirmal Bang research report:

Precious metals prices extended their upward rally yesterday with gold prices reaching an alltime high of $1248 per ounce on COMEX and Silver crossing Rs. 30K per kg on MCX. Attributes of precious metals being a safe-haven asset is encouraging high level in investment demand

Precious metals prices are trading a tad lower from their life-time highs. We expect precious metals prices to edge further up as high level of spot investment demand is likely to support prices. Silver looks strong for the day.

Industrial metals prices closed little changed yesterday after see-sawing in early trade. Bailout package announced to rescue Greece-debt concerns supported the prices of metals, but monetary tightening fears in China kept the upside limited. 

Industrial metals prices are trading a tad lower of International bourses. We expect a bounce back in the prices of industrial metals as easing euro-debt worries will support the prices of industrial metals.

Crude oil futures settled lower on Wednesday and closed down at $75.65 per barrel on NYMEX after a US government oil inventory report showed U.S. crude oil stockpiles rose more than expected last week.

Crude oil prices edge higher today. We expect crude oil prices to give a bounce-back taking cues from the strong Asian equity markets

Disclaimer: The views and investment tips expressed by investment experts 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.