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Gold remained flat after rising for two consecutive sessions as markets wait
for the final step of austerity bill. The initial step of the austerity bill
was passed on Wednesday and the final vote is expected to be passed later
today to secure the international aid. The austerity measures passed by the
Greek parliament weighed on the dollar, pushing Euro to three week high
against dollar. Crude slipped as the Arlene, the first name hurricane of
this year’s north Atlantic hurricane season was forecast to leave the
Mexican oil fields unscathed. LME Copper continued moving up today as well
as positive vibes from Greece outcome bolstered confidence for demand.
Meanwhile, Obama has called for further steps to boost the US economy by
enhancing employment opportunities as well as to hike the tax rates which
will also weigh on the markets. Later today the jobless claims and EIA
natural gas storage change data will be released. Jobless claims are
expected to be lower as compared to last week’s. Natural gas storage is also
expected to come down slightly.
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