Bullions back to gains

Yellow metal rises for first time in four days Bullion metals ended substantially moderately higher at Comex on Thursday, 29 November 2012. Gold prices ended higher for first time in four days. The key outside markets were also bullish for the precious metals on Thursday, as the U.S. dollar index was weaker and crude oil prices were higher. Gold for December delivery rose $10.7 (0.6%) to settle at $1,727.2 an ounce on the Comex division of the New York Mercantile Exchange on Thursday. On Thursday, March silver rose 66 cents, or 2%, to settle at $34.43 an ounce. The rhetoric continued among U.S. lawmakers and President Obama regarding the so-called “fiscal cliff” tax increases and spending cuts that are approaching. Traders and investors are more keenly focused on the negotiations among U.S. lawmakers and President Obama regarding the so-called “fiscal cliff” tax increases and spending cuts that are approaching. The dollar index, which weighs the strength of the dollar against a basket of six other currencies, fell by 0.25% on Thursday. In today's economic news at Wall Street, pending home sales for October increased by 5.2%, which was better than the 1.0% increase that had been expected. Today's reading follows last month's uptick of 0.3%. The latest weekly initial jobless claims count totaled 393,000, which was lower than the 395,000 that had been expected. The tally was below the revised prior week count of 416,000. As for continuing claims, they fell to 3.287 million from 3.357 million. The second estimate of third quarter GDP pointed to growth of 2.7%, up from the 2.0% observed in the preliminary reading. It was the strongest growth rate in three years. The upwardly revised increase is slightly lower than the 2.8% increase that was expected. Also, the third quarter GDP Deflator was revised down, to 2.7%. At the MCX, gold prices for February delivery closed lower by Rs 324 (1%) at Rs 31,942 per ten grams. Prices rose to a high of Rs 32,198 per 10 grams and fell to a low of Rs 31,853 per 10 grams during the day's trading. At the MCX, silver prices for March delivery closed lower by Rs 15 (0.02%) at Rs 65,116/Kg. Prices opened at Rs 65,001/kg and fell to a low of Rs 64,301/Kg during the day's trading.