GEPL Capital`s view on bullions, base-metals, energy
GEPL Capital has come out with its report on bullions, base-metals and energy updates.
August 13, 2012 / 13:30 IST
GEPL Capital has come out with its report on bullions, base-metals and energy updates.
BullionsGold futures gained for a second session in New York on speculation that the Federal Reserve will take additional measures to support economic growth, spurring demand for the metal as an inflation hedge. Fed Chairman Ben S. Bernanke said today in Cambridge, Massachusetts, that gauges of the U.S. economy’s strength may fail to measure the suffering of individual citizens. German Chancellor Angela Merkel government today backed the European Central Bank’s bondbuying plan, her deputy spokesman Georg Streiter said.Gold futures for December delivery rose 0.4 percent to settle at $1,616.20 an ounce at 1:38 p.m. on the Comex in New York. The metal has gained 3.2 percent this year. Hedge funds and other money managers increased their bets on higher gold prices by 35 percent in the week ended July 31, U.S. Commodity Futures Trading Commission data show. Holdings in exchange-traded products expanded for a fourth day on Aug. 3, climbing 3.6 metric tons to 2,400.8 tons, data compiled by Bloomberg show. Bullion surged 70 percent from the end of December 2008 to June 2011 as the Fed kept borrowing costs at a record low and bought $2.3 trillion of debt in two rounds of so-called quantitative easing. Silver futures for September delivery climbed 0.2 percent to $27.863 an ounce in New York. On the New York Mercantile Exchange, platinum futures for October delivery slipped 0.9 percent to $1,401.90 an ounce. Palladium futures for September delivery added 0.2 percent to $579.55 an ounce.Base-MetalsCopper gained for a second straight session as German Chancellor Angela Merkel’s government backed the European Central Bank’s bond -buying plan, lowering concern that the region’s crisis will worsen and sap global growth. Merkel’s government backed the ECB’s bondbuying plan announced last week, her deputy spokesman Georg Streiter said today. Copper rallied the most in three weeks on Aug. 3 as U.S. payrolls climbed more than forecast in July.Copper futures for September delivery rose 0.6 percent to settle at $3.389 a pound at 1:14 p.m. on the Comex in New York, after increasing 2.3 percent on Aug. 3. On the London Metal Exchange, copper for delivery in three months advanced 0.7 percent to $7,495 a metric ton ($3.40 a pound). Zinc, nickel and aluminum also gained in London, while lead and tin fell.EnergyOil advanced for a second day as U.S. stocks gained and as German Chancellor Angela Merkel’s government backed the European Central Bank’s bond-buying plan, adding to optimism that the region’s debt crisis will ease. Prices climbed as much as 0.9 percent after the Standard & Poor’s 500 Index rose to three-month high amid better-thanforecast earnings. The euro strengthened against the dollar after Merkel’s deputy spokesman, Georg Streiter, said the government backed the ECB’s plan to help bring down borrowing costs in Spain and Italy.Oil for September delivery added 61 cents, or 0.7 percent, to $92.01 a barrel at 2:16 p.m. on the New York Mercantile Exchange. Prices are 6.9 percent lower this year. Brent crude for September settlement increased 47 cents, or 0.4 percent, to $109.41 a barrel on the Londonbased ICE Futures Europe exchange.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 
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