Gold Prices fell as demand from India might be hurt - ZENMoney

Brent Crude prices fell after reports of the imminent restart of a key US refinery depressed the international benchmark's premium to US oil. The US EIA weekly data along with South Korea's rebate for non-Middle East crude oil imports and a decline in US fuel stockpiles supported the brent prices at lower levels.

Gold Prices fell due to concerns that demand from India will be hurt by fresh moves by the Reserve Bank of India to curb gold imports. However, the downside in the yellow metal was capped after a private U.S. jobs reading fell short of expectations curbing speculation that the Federal Reserve may start paring back its $85 billion monthly bond-buying programme.

Silver Prices fell tracking the fall in gold prices after India further restricted imports of the precious metal along with reduced off-take by stockists and retailers at existing higher levels amid a weak overseas tend. the mixed data comming from US and speculation on Federal reserve stimulus programme supported the white metal at lower levels.

In Base metal prices, Copper prices closed on a firm note as investors sought direction on the economy along with speculations over Federal Reserve stimulus programme. The reports that Freeport McMoRan Copper and Gold Inc.'s Grasberg mine in Indonesia was likely to remain shut for up to three months as the government investigated a tunnel collapse continued to support copper prices.

Source : Equity Bulls

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