Bullion had a steady to moderately positive trading session on Tuesday as both the commodities managed to finish in the green despite continuously better economic data from the US. By the end of trade, gold for most active February expiry at Comex finished 0.5% higher at $1203 per ounce wherein in the Indian markets, prices managed to see an uptick of 0.3% to Rs 28455 per 10 Gms.
Amidst lack of any major commodity specific cues, and due to the holiday mood in the US led by Christmas Holiday and ahead of New Year, trading participation has been low. At the Comex platform, it was an early closing session which got reflected into the trading volumes side too. February expiry Comex god contract saw trading volumes fall by 56% whereas in the Indian markets same month’s volumes declined 22%.
Overall there are not much cues in the international markets for gold currently though the evening session data on weekly US Jobless claims might infuse some volatility into the commodity. We maintain our broad bearish bias into the commodity and would advice traders to look for selling opportunity at higher levels
Silver had a similar trade as per the other major precious metal though gains were little bit lesser to 0.35%. Overall silver movement was in-line with our expectations wherein we had said the commodity would under perform the yellow metal, however we would have been happy if the difference between the two could have been further lucrative. As also stated above, there are no major updates from the global markets with lack of economic and monetary policy developments. We maintain a ranged view into the commodity though the broader bias continues on weaker side of trade
BUY ZINC MCX DEC ABOVE 133.30 SL 132.30 TGT 134.50
TODAY COMMODITY MARKET ECONOMIC EVENTS:
| DATE | TIME | Region | Event of the Day | Period | Survey | Prior |
| 26.12.13 | 19:00 | US | Initial Jobless Claims | Dec-21 | — | 379K |
| 26.12.13 | 19:00 | US | Continuing Claims | Dec-13 | — | 28884K |