MCX Bullion News Update

Gold prices-Gold hovered close to its lowest in nearly six years on Thursday, as the dollar held at multi-month highs and U.S. economic data reinforced market expectations of an interest rate hike this year. Data on Wednesday showed that U.S. manufacturing output rose well above economists' expectations in October, while business spending plans surged. New applications for unemployment benefits dropped last week. Asian shares advanced in early trade on Thursday, while growing bets the European Central Bank was gearing up to deliver further stimulus steps kept the euro under pressure.

MCX Copper Tips-Market is lacked in major reports on Thursday. LME copper will move between USD 4,520-4,580/mt during Asian trading hours Thursday. US current economic situation is enough to support rate hike next month. US housing market, manufacturing industry and income situation continue to point upwards. Economy in euro zone improved slightly currently but the Europe Central Bank (ECB) is still expected to continue with more easing monetary policy in December. The ECB reportedly will expand its bond buying program overnight. In response, euro tumbled and US dollar refreshed a new high.

Crude oil prices-Brent and U.S. crude oil futures traded nearly flat on Thursday on light trading due to the U.S. Thanksgiving holiday. U.S. crude edged higher earlier in the day, supported by a smaller-than-expected build in U.S. inventories. Stocks rose 1 million barrels in the week to Nov. 20, the ninth consecutive week, compared with analyst expectations for a 1.2 million barrel rise, according to the U.S. Energy Information Administration. Asian stocks advanced in early trade on Thursday as the euro remained under pressure on growing bets that the European Central Bank would deliver further stimulus steps. U.S. markets will be closed Thursday and most of Friday afternoon.