US dollar is trading weaker against the Euro as new home sales slipped 1.6% in Feb and Jan figure was revised from down 0.9% to down 5.4%. Despite the drop in sales, new home prices increase to their highest level in 8 months which keeps the notion of the housing recovery alive. Precious metals sold off yesterday due to persistent worry about Chinese economic slowdown and the slow pace of the European economic recovery. We are seeing a partial recovery in the metals today on the weaker dollar and the weaker than expected US housing data. With each weaker than expected data, traders are still hoping for QE3 and accommodating global liquidity and low interest rates. Crude prices are higher on geopolitical risk in the Middle East with Iran and a possibility of Israeli attack on the Iranian nuclear installations. Market also does not believe that Saudi Arabia would be able to pick up the production drop off vacated by Iran. As we predicted, the selloff in gold and silver was met with fresh buying. We would be cautiously long in gold and silver ahead of the weekend. Keep an eye out for quarter end related window dressing and fund rebalancing next week in the commodities.
| Metals | Last | %Change | Low | High |
| Au- Apr | 1663.1 | 1.25% | 1641.5 | 1666.3 |
| Pt-Apr | 1631.3 | 1.22% | 1613.5 | 1638.5 |
| Pd-Jun | 663.4 | 1.90% | 653.00 | 664.90 |
| Ag-May | 32.050 | 2.27% | 31.435 | 32.165 |
| London | AM | PM | Minor | PGMs |
| Au | 1651 | 1664 | Rh | 1525 |
| Pt | 1625 | 1617 | Ru | 130 |
| Pd | 654 | 658 | Ir | 1100 |
| Ag | 31.54 | DJI | 13059.8 | 13.66 |
| Currencies |
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| USD | EUR | JPY | GBP |
| USD | 0 | 1.3275 | 0.012172 | 1.588 |
| EUR | 0.7532 | 0 | 0.91688 | 1.1962 |
| JPY | 82.16 | 109.07 | 0 | 130.461 |
| GBP | 0.6297 | 0.83598 | 0.7665 | 0 |
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| Crude Brent | 125.21 | Comex Copper | 381.25 |
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| Crude WTI | 107.01 | Nat Gas | 2.319 |
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| *THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES |
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