MCX - WEEKLY NEWS LETTERSWORLD NEWS
United Kingdom (UK) Retail Sales declined by 0.5 percent in May from 1.0 percent rise in April.
US Unemployment Claims declined to 312,000 in the week ending 13th June 2014 from 318,000 in the preceding week.
US Philly Fed Manufacturing Index rose to 17.8 levels in June from 15.4 marks in May.
President Barack Obama said on Thursday he was sending up to 300 U.S. military advisers to Iraq but stressed the need for a political solution to the Iraqi crisis as government forces battled Sunni rebels for control of the country's biggest refinery. (Source: Reuters)
India's domestic fuel supplies will not be affected by fallout from the ongoing conflict in Iraq although state-run refiners have been asked to draw up a contingency plan, the oil ministry said in a statement on Thursday. (Source: Reuters)
Chinese iron ore traders are being starved of credit by banks reining in loan approvals and curbing letters of credit, industry sources and bankers say, as a clampdown on financing deals in the world's top consumer of commodities gathers force. (Source: Reuters)
PRECIOUS METALS A spot gold price increased by 3.3 percent in yesterday’s trading session as the Rise in Geopolitical tension in Iraq and ongoing dispute between Russia and Ukraine upsurge the demand for safe haven. Further, Federal Reserve slashed its forecast for economic growth and indicated that the Interest rate may remain lower for some time, which led to the weakness in Dollar. However, Strong economic data from US and US Federal Reserve decision to cut its monthly bond buying program by $10B to $35B capped sharp upside in the prices. Additionally weak physical demand from India and China kept prices under pressure.
In the Indian Markets, gold prices increased by 2.93 percent in yesterday trading session taking cues from Intl spot Gold prices. However, appreciation in the Indian Rupee prevented sharp upside in the prices. Gold prices touched an intraday High of 27653/10gms and closed at 276116/10gms
We expect spot gold prices to trade on the positive note as the Rise in Geopolitical tension in Iraq and ongoing dispute between Russia and Ukraine may upsurge the demand for safe haven. However, Strong economic data from US and US Federal Reserve decision to cut its monthly bond buying program by $10B to $35B may sharp upside in the prices. Profit booking at higher levels can be witnessed. In the Indian Markets depreciation in the Indian Rupee may support prices.

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