Bullions turn little weak

Bullion metal prices ended lower on Monday, 17 June 2013 at Comex. Comex gold futures prices ended the U.S. day session modestly lower on Monday. The entire market place is subdued to start the trading week, as a much-anticipated U.S. Federal Reserve meeting starts on Tuesday.

Gold for August delivery ended lower by $4.5 (0.3%) at $1,383.1 an ounce on the Comex division of the New York Mercantile Exchange on Monday.

July silver ended lower by $0.19 cents (0.9%) at $21.76 an ounce on Monday.

In the currency market, the dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.2% on Monday.

It was a subdued atmosphere on Monday as the market place awaits the-two day meeting of the U.S. Federal Reserve's Open Market Committee (FOMC), which begins Tuesday morning and concludes Wednesday afternoon. Fed Chairman Ben Bernanke will also hold a press conference following the FOMC meeting. Traders and investors will be looking for fresh information from the Fed on when it will start to wind down its quantitative easing programs that have been in place for several years.

There was a Group of Eight meeting of the world's major industrialized countries taking place in Ireland Monday. That meeting produced no major, market-moving news.

Regarding economic data expected at Wall Street, the June Empire State Manufacturing Survey and the NAHB Housing Market Index hit the wires. The Empire State Survey produced a positive headline surprise (7.8 actual, 0.8 consensus, -1.4 prior) but many significant sub components posted declines for the month. Separately, the June NAHB Housing Market Index rose to 52 from 44.

At the MCX, gold prices for August delivery closed lower by Rs 10 (0.03%) at Rs 27,869 per ten grams. Prices rose to a high of Rs 27,947 per 10 grams and fell to a low of Rs 27,751 per 10 grams during the day's trading.

At the MCX, silver prices for July delivery closed lower by Rs 237 (0.54%) at Rs 43,597/Kg. Prices opened at Rs 43,860/kg and fell to a low of Rs 43,336/Kg during the day's trading.

Powered by Capital Market - Live News