Crude oil weakens

Crude oil weakens further as investors sold crude again on worries that Eurozone crisis will curb economic recovery. It digested the positive news from Germany. Germany’ confidence index rose. Now the market reconsidered that the China’s RMB measures may not benefit commodities and so profit booking after yesterday’s rally also took place to some extent.

Fitch Ratings announced that it cut BNP Paribas’ rating to AA- stating that bank’s asset quality is deteriorated. This indicates that Europe is not yet out of woods.

Silver touches record highs on industrial demand, gold drops

Silver prices rose further to touch a new record high at the bullion market here today on sustained demand from industrial users triggered by firm global cues.

Silver ready (.999 fineness) firmed up by Rs 105 per kilo to end at Rs 30,340 from weekend's closing level of Rs 30,235.

On the other hand, gold dropped on the back of profit- taking by stockists and speculators, despite the yellow-metal hitting a record high at USD 1,264.90 an ounce in the overseas market.

Standard gold (99.5 purity) declined by Rs 60 per ten grams to close at Rs 18,790 from Rs 18,850 last Saturday.

Pure gold (99.9 purity) also dipped by Rs 55 per ten grams to settle at Rs 18,880 as against Rs 18,935.