Best Commodity Tips for Today (30th August)

commodity tips

Gold: On Tuesday, spot gold prices closed flat at $1309.3 per ounce, but the precious metal touched 10-month high levels of $1325.93/oz as the safe haven demand rose sharply after North Korea flew a missile over Japan. On Tuesday as well, gold prices gained support from weak dollar after the head of the European Central Bank (ECB) said that the euro zone’s economic recovery had taken hold at a meeting of central bankers.

Silver: Silver Spot silver prices fell 0.4 percent on Tuesday to close at $17.3 per ounce in line with slight weakness in gold prices. On the MCX, silver prices rose by 0.2 percent to close at Rs.39818 per kg.

Copper: LME Copper prices traded higher by 1.9 percent touching fresh three year highs of $6843.5/t as persistent decline in LEM and Shanghai stocks boosted the metal. Cancelled warrants in LME Copper currently stand at more than 50 percent of the total stocks. Besides, Indonesia and Freeport-McMoRan Inc on Tuesday reached an agreement to allow the U.S. miner to keep operating its giant Grasberg copper and gold mine, though the timing and price of a 51 percent divestment in the mine still needs to be worked out.

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