Goldennifty analyzing team said, MCX Gold futures closed slightly lower, pulling back after a 2-session gain, as a bigger than expected decline in US jobless claims and news that consumer prices were unchanged in December dulled demand for the safe-haven asset.
MCX Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, increased to 1,255.67 tons. www.goldennifty.com
MCX Silver holdings of shares silver trust, the largest ETF backed by the metal, declined to 9,516.75 tons .
World Bank has cut its global growth forecast for 2012 to 2.5% from previous estimate of 3.6%, the most in 3-years, saying that a recession in the euro region threatens emerging commodity markets.
MCX Copper rose to a 4-month high, as strong demand at European bond auctions lessened euro zone debt concerns while positive US data boosted prospects for improved metals demand. MCX Copper Commodity stocks in LME-registered warehouses dropped by 1,300 tons to a fresh 13-month low of 351,200 tons.
MCX Nickel climbed to a 12-week high on speculation that economic trade growth in China will boost demand amid signs of tightening supplies.
MCX Crude oil futures closed marginally lower, as greater-than-expected increase in gasoline supplies overshadowed a surprise drop in crude stockpiles and a lower US dollar.
Crude oil inventories declined by 3.4mn to 331.2mn barrels, Gasoline supplies were up by 3.72mn barrels to 227.5mn and inventories of distillates were up 438,000 barrels to 148mn, as per EIA report. www.goldennifty.com
MCX Natural gas dropped to the lowest price in almost 10-years, after a government report showed that a US inventory surplus widened last week as mild weather reduced demand for heating fuels.
The US EIA report showed that, natural gas supplies declined 87bn cubic feet in the week ended.
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