Spot Gold remained range bound, steadying around $931 an ounce with investors keeping an eye on the dollar, which rose the previous day when bleak U.S. jobs data enhanced the greenback's safe-haven appeal and hurt bullion. U.S. financial markets are closed today for the Independence Day holiday. However Indian data showed the country's gold imports stood at about 59.8 tonnes in the first six months this year, down 57% from the same period last year. India's gold imports in June were likely to be around 8 to 10 tonnes, down 24 tonnes from the same month a year ago, as per an official from Bombay Bullion Association said this week.
Crude Oil tested a low of $66.10 a barrel, after a nearly 4% fall in the previous session, pressured by a stronger dollar and investor concern about the economic outlook and energy demand. In the latest sign, the economy of the world's top consumer is still struggling which is indicated as per the data of U.S. employers which showed a cut of 467,000 jobs in June and the jobless rate rose to a 26-year high. Euro zone unemployment rose to a 10-year high. For the day it behaved volatile as NYMEX floor trading is closed for the U.S. Independence Day holiday but Electronic trading will be open yet Volume may be lighter than normal.
Copper tumbled, as U.S. jobs data fuelled worries about the health of the global economy and rising inventories weighed on prices. Both Shanghai and LME warehouses saw an inflow of inventories. Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 7 percent from one week earlier. In LME-registered warehouses, stocks rose by 4,050 tonnes to 268,275 tonnes, having fallen more than 280,000 tonnes since end-February. Aluminium inventories rose 3,400 tonnes, to above 4.4 million tonnes. Lower scrap prices also suggest a slowdown in demand in China, where a shortage earlier this year had lured buyers to refined metal.
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