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Wednesday, November 30, 2011
Mixed finish for bullions
Gold ends higher but silver turns pale
Precious metals ended mixed on Tuesday, 29 November 2011 at Comex. Yellow metal prices ended higher due to weak dollar and higher crude oil prices. Silver prices dropped.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa. But bullion metals have registered increase in prices despite strong dollar in recent times and vice versa.
Market may open lower on weak Asian stocks; Q2 GDP data eyed
The market may extend Tuesday's (29 November 2011) losses on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 13 points at the opening bell.
On the macro front, the government unveils Q2 September 2011 gross domestic product (GDP) data today, 30 November 2011. The GDP is seen rising 6.9% in Q2 September 2011 as per median estimate of a total of 14 economists polled by Capital Market. The economy expanded 7.7% in Q1 June 2011 from a year earlier, helped by strong growth in the services sector. The GDP is seen rising 7.3% in the fiscal year through March 2012 (FY 2012) as per median estimate of the poll.
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