INTERNATIONAL COMMODITY NEWS :
- U.S. crude futures fell more than 2% as the dollar approached near 12-month highs on a light day of trading following the Thanksgiving holiday.On the New York Mercantile Exchange, WTI crude traded between $41.61 and $42.74 a barrel, before settling at 41.77, down 1.27 or 2.95% on the session.
- Gold futures plunged to six-year lows amid a stronger dollar, as traders brace for a likely interest rate hike by the Federal Reserve next month in a major policy shift that could dampen long-term optimism for the precious metal. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded in a broad range between $1,051.20 and $1,072.60 an ounce, before settling at $1,057.10, down 12.90 or 1.21% on the session.
- Taking weak cues from overseas markets, silver prices dropped by Rs 202 to Rs 34,511 per kg in futures trade today as participants cut down their bets.At the Multi Commodity Exchange, silver for delivery in far-month March 2016 was trading lower by Rs 202, or 0.58%, to Rs 34,511 per kg in a business turnover of 202 lots.Similarly, the white metal for delivery in December declined by Rs 141, or 0.41%, to Rs 33,940 per kg in a business volume of 624 lots.
ECONOMY NEWS :
- UK gross domestic product climbed 0.5 percent from prior quarter, unrevised from the prior estimate released on October 27, second estimates published by the Office for National Statistics showed Friday. This was the eleventh consecutive quarters of positive growth. In the second quarter, the economy had expanded 0.7 percent. On a yearly basis, GDP rose 2.3 percent, in line with preliminary estimate. Among main output industrial groupings, production output gained 0.2 percent, which was revised down from 0.3 percent.
- Japan’s core consumer prices excluding fresh food dropped 0.1 percent year-over-year in October, the same rate of decrease as seen in September, the Ministry of Internal Affairs and Communications reported Friday. This was the third consecutive decline in prices. Month-on-month, core consumer prices edged up 0.1 percent in October.
- UK house prices advanced at a pace of 3.7 percent year-on-year in November, following October’s 3.9 percent increase, data published by the Nationwide Building Society showed Friday. It was the weakest increase since August when prices climbed 3.2 percent. Likewise, monthly growth eased to 0.1 percent from 0.5 percent a month ago.
TRADING STRATEGY :
- BUY GOLD ABOVE 1065 TARGET 1070 1076 SL 1059
- SELL GOLD BELOW 1055 TARGET 1050 1044 SL 1061