Precious metals correct lower on profit-taking
Gold futures witnessed a correction on Tuesday after having rallied to a 28-year high in the previous session pressured by a steep decline in crude oil prices and as traders decided to lock-in gains, according to the market pulse report of the Dubai Gold and Commodities Exchange.
On DGCX, December delivery gold futures edged lower by $10 while the near-term silver futures followed suit and suffered a decline of 0.69%. In the Forex market, the greenback continued to weaken against its major counterparts and dipped to a record low against the Euro as investors were reluctant to take big positions ahead of the US Federal Reserve?s decision on interest rates. Conversely, it continued to strengthen against the Japanese Yen.
Following significant gains in the previous session, DGCX December 2007 delivery gold futures contract opened on Tuesday at $788.50/troy oz, showing a huge downward gap of $6.50 from its previous close. Prices momentarily braced a high of $789.50 before retreating to an intraday low of $782.70. The contract staged a mild recovery and concluded the session at $785, logging in a loss of $10 or 1.26% for the day. Open interest in the December futures tumbled by 304 contracts from its previous close and ended the session at 2430. DGCX Gold futures for February 2008 delivery rounded up the session at $792/troy oz, registering a loss of $8.90 or 1.11%. DGCX December?07 silver futures recorded a loss of 10 cents or 0.69% and settled at $14.355/troy oz. DGCX February 08 steel rebar futures contract opened at $609/mt and retreated to a low of $607.90 before surging to touch a high of $611.30. The contract finally concluded the session at $609.80 churning in a gain of $1.60 or 0.26% In the Forex market segment, DGCX Euro contract for December 2007 opened at $1.4404/Euro and receded to a low of $1.4395 before climbing to an all-time high of $1.4451. The contract ended the day at $1.4449, recording a mild gain of 0.08%. Dec?07 dated DGCX GBP contract opened at $2.0567/GBP and fell a tad before rallying to an intraday high of $2.066. The contract finally concluded the session at $2.0652, churning in a gain of 0.28%. DGCX Yen futures maturing in Dec?07 declined by a tiny margin of 0.08% and settled at an exchange rate of $0.8762 for 100 Yen. The Indian Rupee futures for November?07 marked a rise of 0.14% and settled at $2.5349 for 100 rupees.
DGCX Fujairah Fuel Oil contract for October 2007 experienced a fall of $3.50 or 0.72% from its previous close and concluded the session at $479.30/metric ton.
In the US energy markets, crude oil futures closed lower for the first time in five sessions as supply data forecasted a rise in US crude inventories. December-expiring crude oil futures declined by $3.15 from its previous close and concluded the session at $90.38 a barrel. Source
On DGCX, December delivery gold futures edged lower by $10 while the near-term silver futures followed suit and suffered a decline of 0.69%. In the Forex market, the greenback continued to weaken against its major counterparts and dipped to a record low against the Euro as investors were reluctant to take big positions ahead of the US Federal Reserve?s decision on interest rates. Conversely, it continued to strengthen against the Japanese Yen.
Following significant gains in the previous session, DGCX December 2007 delivery gold futures contract opened on Tuesday at $788.50/troy oz, showing a huge downward gap of $6.50 from its previous close. Prices momentarily braced a high of $789.50 before retreating to an intraday low of $782.70. The contract staged a mild recovery and concluded the session at $785, logging in a loss of $10 or 1.26% for the day. Open interest in the December futures tumbled by 304 contracts from its previous close and ended the session at 2430. DGCX Gold futures for February 2008 delivery rounded up the session at $792/troy oz, registering a loss of $8.90 or 1.11%. DGCX December?07 silver futures recorded a loss of 10 cents or 0.69% and settled at $14.355/troy oz. DGCX February 08 steel rebar futures contract opened at $609/mt and retreated to a low of $607.90 before surging to touch a high of $611.30. The contract finally concluded the session at $609.80 churning in a gain of $1.60 or 0.26% In the Forex market segment, DGCX Euro contract for December 2007 opened at $1.4404/Euro and receded to a low of $1.4395 before climbing to an all-time high of $1.4451. The contract ended the day at $1.4449, recording a mild gain of 0.08%. Dec?07 dated DGCX GBP contract opened at $2.0567/GBP and fell a tad before rallying to an intraday high of $2.066. The contract finally concluded the session at $2.0652, churning in a gain of 0.28%. DGCX Yen futures maturing in Dec?07 declined by a tiny margin of 0.08% and settled at an exchange rate of $0.8762 for 100 Yen. The Indian Rupee futures for November?07 marked a rise of 0.14% and settled at $2.5349 for 100 rupees.
DGCX Fujairah Fuel Oil contract for October 2007 experienced a fall of $3.50 or 0.72% from its previous close and concluded the session at $479.30/metric ton.
In the US energy markets, crude oil futures closed lower for the first time in five sessions as supply data forecasted a rise in US crude inventories. December-expiring crude oil futures declined by $3.15 from its previous close and concluded the session at $90.38 a barrel. Source
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