The
festival season is underway in India and will peak with Diwali and
Dhanteras next month. Weddings also take place during this
period.
Taking cues from rise in gold prices along with upside in the base metals complex, Spot silver prices gained 0.2 percent today. Additionally, weakness in the DX also acted as a positive factor for the prices. The base metals prices witnessed profit booking ahead of Chinese GDP data to be released on October, 18 2012. However, sharp downside in the prices were cushioned due to weakness in the DX.
Copper
prices declined 0.2 percent as worries weighed on prices ahead of GDP
data. In the evening session, we expect precious metals and crude
oil prices to trade with upward bias on the back of
expectations of
positive data from the US economy along with weakness in the DX.
However, sharp rise in the crude oil prices are expected to be capped
on the back of hopes of rise in the US crude oil inventories to be
relased in the later part of the evening today.
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