Commodity prices traded steadied on Monday witnessing low volatility and lower volumes in MCX as there were no floor trading in COMEX and NYMEX on account of Labor Day holiday. Crude oil base metals complex traded down on stronger dollar capping last three sessions' gains.

The European market traded down on economic recovery woos dragging Dow Jones futures down. The bullion prices recovered and traded up getting fresh investment in on lower prices. We expect huge buying pressure in bullions as economic uncertainty will shift investment to precious metals.

The COMEX and NYMEX traders will join the market after a long weekend but deteriorated economic outlook may limit upside for crude oil and base metals for short term. Gold and Silver prices will trade up on investment demand to hedge against risky assets as Euro zone data showed little confidence in economy.

Courtesy: Anagram Comtrade Limited

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