Bullion posted a slight gain yesterday, as returning confidence in the global banking sector weakened demand for this safe haven. MCX GOLD was up by 0.88% and settled at 59042. Comex Gold rose by 0.79%, and traded at $1973.30. Silver futures rose by 0.87% and settled at 70584. Comex Silver up by 1.05% at $23.30.
Crude prices extended its recent gain for second consecutive day. As supply disruption risks from Iraqi Kurdistan and hopes that banking sector turmoil is contained weighing on sentiment.
Brent crude futures gained 1.1%, to $78.51 a barrel by 11:47 a.m. EDT (1547 GMT). West Texas Intermediate U.S. crude was up 79 cents, or 1.1%, at $73.60. MCX Crude settled at 6058, up 1.34%.
Base metals had a positive trade. Copper prices gained 0.08% and settled at 776.35. Aluminum gained 0.58%, at 207.65, Zinc up 0.62% closed to 257.65.
The dollar weakens towards 102.57, inching closer to the near seven-week low of 101.91. it has found little support from data on Tuesday that showed the U.S. trade deficit in goods widened modestly in February as exports declined, potentially setting up trade to be a drag on economic growth in the first quarter.
Economic Data & Events for Today
Eurozone
At 11.30am – German GfK Consumer Climate with a forecast to have a contraction by -29.5% from -30.5%.
The above data is expected to have a negative impact on Euro.
UK
At 2.00pm – M4 Money Supply m/m with a forecast to contraction by 0.9% from 1.3%.
At same time, Mortgage Approvals with a forecast to have expand by 41k from 40k.
At same time, Net Lending to Individuals m/m with a forecast to have contraction by 3.7B from 4.1B.
All the above data is expect to have a negative impact on Pound.
At 3.00pm – FPC Meeting Minutes and FPC Statement will bring clutter for Pound.
U.S.
At 7.30pm– Pending Home Sales m/m with a forecasts to have a contraction by -2.9%, after a expanded by 8.1% in the last month.
At the same time, FOMC Member Barr Speaks will have a strong impact on dollar.
At 8.00pm – Crude Oil Inventories with a forecast to have expand by 1.8M from 1.1M in previous week.