Gold Prices rise on rally in Tokyo Bullion Futures - ZENMoney

Gold prices rose due to a rally in Tokyo bullion futures on a weaker yen and speculative buying ahead of an election in Japan at the weekend. The Federal Reserve's assurance this week that it will be careful in tapering its economic stimulus, although some braced for another decline in bullion supported the yellow metal. A weaker dollar against basket of currencies supported the yellow metal rise further.

Silver Prices rose after assurances from the Federal Reserve chief that the central bank would taper its stimulus with care on the back of economic data coming from US. A weakening dollar against basket of currencies supported the gains in the white metal. The white metal initially supported at domestic markets as speculators built-up fresh positions amid covering-up of short positions.

Base metals prices rose due to a weak dollar along with reassurance that the US Federal Reserve would be flexible in scaling back stimulus measures. However, the concerns over demand for the metal capped the upside in the base metals. The base metals declined at the domestic market on stockists selling amidst reduced offtake from industrial users.

Brent Crude Prices fell due to profit booking. The Brent prices initially rose on signs of strong demand from US refiners coupled with an improved hiring and manufacturing activity in the US along with a sharp drop in the nation's crude oil supply and reassuring comments from the Federal Reserve on monetary stimulus supported the brent prices at lower levels.

Source : Equity Bulls

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