Gold Prices fell on the back of a rally in US markets - ZENMoney

Brent Crude prices rose in a sluggish trading as the market awaited the Fed Reserve's policy statement that is expected to show whether it will reduce its monetary stimulus. A weaker dollar lent some support to oil prices on the back of a rise in US CPI data and an upbeat outlook for the housing sector. Iraq plans to ramp up oil production by nearly 45% by the end of 2014 to 4.5 mn bpd without input from Kurdistan.

Gold Prices fell on the back of a rally in US market on hopes that the Federal Reserve will maintain its current level of stimulus at the end of its Open Market Committee meeting on Wednesday. The yellow metal was supported by the physical demand in India and China after a steep sell-off in April.

Silver Prices fell as investors awaited for the outcome from this week's US Fed Reserve meeting for signals on the central bank's monetary stimulus plan which is concluding on Wednesday.A rebound in Euro against dollar on the back of improved German Investor sentiment data supported the white metal at lower levels.

Base metal prices fell on news that Indonesia's government is likely to allow the local unit of Freeport-McMoran Copper&Gold to resume open-pit mining in the Grasberg copper and gold mine later this week and on the possibility that the US FOMC may announce cuts to its stimulus program after a two-day policy meeting coupled with renewed supply concerns.

Source : Equity Bulls

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