Posted by : Niti Mathur

European markets are trading on a negative note today as US is moving closer towards a war with Syria. US stock futures trading on a flat note and Asian markets ended on a mixed note. Spanish Services Purchasing Managers' Index (PMI) increased by 1.9 points to 50.4-mark in August as against a rise of 48.5-level in July. Italian Services PMI was at 48.8-level in August from 48.7-mark a month ago. European Retail Sales rose by 0.1 percent in July as compared to decline of 0.7 percent a month earlier.

UK’s Services Purchasing Managers' Index (PMI) rose by 0.3 points to 60.5-mark in August as against a rise of 60.2-level in July. Spot gold prices declined around 0.8 percent today on the back of weak global market sentiments coupled with decline in SPDR holding However, sharp downside in prices was cushioned as result of weakness in the DX. In the Indian markets, gold declined by 3 percent due to appreciation in the Rupee.

Spot silver prices declined today by 1.6 percent taking cues from fall in gold prices and downside in base metals. Weak global market sentiments added to the downside. On the MCX, Appreciation in the Rupee led to decline in the prices of the white metal. Base metals on the LME are trading on a negative note on the
increased likelihood of the US Syria war and the QE tapering concerns from the Federal Reserve. However, favorable economic data from the Euro Zone and UK prevented sharp fall. In the Indian markets, Rupee appreciation led to fall in the prices on the MCX.

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