Posted by : Niti Mathur
European equities are trading higher on the back of Federal Reserve’s decision to maintain the pace of QE until the economic conditions stabilizes. Asian markets also traded on a positive note and US futures are also trading in the green. UK Retail sales declined by 0.9 percent in August as compared to a gain of 1.1 percent in July. Confederation of British Industry (CBI) Industrial Order Expectations increased to 9-mark in the current month.
Indian Rupee appreciated by more than 2 percent as a result of Federal Reserve stance of maintaining easy monetary policy. Further, weakness in the DX supported an upside in the currency. The Rupee touched an intra-day high of 61.645 today till 4:30 pm IST. Spot Gold traded on a flat note and rose on the back of weakness in the Dollar Index (DX) and upbeat global market sentiments. The yellow metal hovered around $1365/oz till 4:30 pm IST. In the Indian
markets, gold prices gained around 1.2 percent.
Spot silver traded on a flat note taking cues from upside in base metals prices. Weakness in the DX and upbeat global market sentiments also supported gains. The precious metal touched an intra-day high of $23.18/oz till 4:30 pm IST. The near month silver contract gained around 3 percent on the MCX. Base metals pack on the LME traded on a positive note due to upbeat global market sentiments. Weakness in the DX, which was due to Fed’s decision of keeping the pace of QE constant until the jobs market improve, supported gains in the base metals prices.
LME Copper prices rose around 1.8 percent taking cues from Fed’s decision of easy monetary policy and upbeat global market sentiments. Decline in inventories by 0.6 percent to 568,575 tonnes added to the upside in prices. The red metal touched an intraday high of $7345/tonne till 4:30 pm IST. The MCX Copper prices declined by more than 1 percent due to Rupee appreciation.