Let's Hear Some Noise from the market

Crude past $78,gold hits new high
Crude oil rose past $78 a barrel, copper for delivery in three months rose 3.8% to $6,680 a tonne, and gold touched a new high. This decision is great for industrial, energy and materials stocks, Bloomberg quoted Don Wordell, a fund manager for Atlanta based RidgeWorth Capital Management, as saying. You will have rising demand from China because oil is getting cheaper to Chinese consumers, industrial companies will have to build out the energy infrastructure,and materials producers will benefit from higher wages and wealth in China. In India, the broader market did not reflect the optimism in index gains. For every 1.7 stocks that rose, one stock declined, with gainers to losers at 1,828:1,020 on BSE. 

Golds expensive, India feels the pinch finally
Soaring global gold prices are taking a toll on gold demand with imports recording a distinct slowdown during April and May. Imports of gold have halved to 17 tonnes in May from 34 tonnes in April. Indians are now becoming price-sensitive to gold unlike in the past when demand continued to be strong despite rising prices. Despite overseas gold rising to a record $1,266 an ounce (31.15 gms), local gold dipped by Rs 60 per 10 gms from Saturdays close to Rs 18,790, thanks to a stronger rupee. India imports 97% of its gold requirement annually, and a stronger rupee makes imported gold cheaper. Although jewellery demand is typically price inelastic, the run- up in prices has begun to hurt consumption, notes a report by Citis Rohini Malkani. The report also notes that RBIs 200 tonnes purchase of gold from the International Monetary Fund (IMF) last year has helped fuel perception of gold as a reliable asset class and supported investment demand for gold.

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