Godl prices are trading lower amidst moderationin consumer demand - ICICI Bank - Treasury Research

Global crude oil prices are trading little changed from yesterday's close. Weakness in the Dollar coupled with persisting supply concerns, post Israel's attack on Syria yesterday, is aiding prices. Gains, however, remain capped amidst reports that Saudi Arabia's oil output rose to 9.3 mbpd in April- the highest in 5 months. Markets will now look forward to the American Petroleum Institute's report on US crude oil stockpiles, due later today for further cues. Brent is currently trading at USD 105.11/bbl compared to yesterday's close of USD 105.46/bbl. WTI is meanwhile trading at USD 95.70/bbl compared to yesterday's close of USD 96.16/bbl (17:30 IST).

Gold prices are trading lower amidst moderation in consumer demand. According to Bloomberg data, volumes for the benchmark gold contract in Shanghai fell to 15,995 Kgs yesterday, the least since April 2012. Investor demand also remains weak with holdings in the SPDR Gold Trust having declined for the 3rd straight week yesterday to 1062.3 MT, the lowest since October 2011. Spot gold is currently trading around USD 1463/oz compared to yesterday's close of 1469/oz. (17:30 IST).

Source : Equity Bulls

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