MCX Bullion News Update

Gold prices-Gold hovered close to its lowest level in nearly six years on Friday, on track for a sixth straight weekly decline, weakened by the strength in the dollar and expectations of a U.S. interest rate hike next month. Precious metals funds posted their biggest net outflow last week in around four months, while investors kept up the rapid pace of inflows into money market funds, Bank of America Merrill Lynch said on Thursday. India's gold buying in the key December quarter is likely to fall to the lowest level in eight years, hurt by poor investment demand and back-to-back droughts that have slashed earnings for the country's millions of farmers.

MCX Copper Tips-LME copper is predicted to move between USD 4,620-4,670/mt during Asian trading hours Friday. Markets will focus on China’s profit result at above-scale industrial enterprises for October on Friday and decline in the profit is expected to narrow further. Eyes should be also paid to November’s climate index from euro zone and the index should improve over October. This will support the euro temporarily. But US dollar will remain at highs, which nonetheless, will not greatly influence the movement of base metals prices.

Crude oil prices-Crude oil futures fell on Friday with losses this month standing at over 8 percent, hurt by disappointing Chinese economic data and worries over a supply glut. Profits earned by Chinese industrial companies fell 4.6 percent in October from a year earlier, data from the country's statistics bureau showed on Friday, declining for the fifth consecutive month. The market is shifting its focus to a meeting of ministers from the Organization of the Petroleum Exporting Countries, which is set for Vienna on Dec. 4.