Crude oil prices eased off very sharplytoday, shedding more than a dollar and pulling Gold down from a seven month high asinflationary pressures eased. The commodity market participants sold the benchmark crudeoil futures – NYMEX March heavily ahead of the expiry of the near month series andmade Gold pare its early gains. Expectations of warmer weather in the coming days in theNortheastern region of the US took a heavy toll on the commodity and the March contractcurrently trades at $58.27, down $1.12 per barrel or nearly 2%.

        The US dollar also added some gains in theEuropean trading, recovering from a low of 1.3192 to trade at 1.3142 against the Euro.This hampered Gold further during the intraday trading and COMEX April contract eased offafter hitting a high of $677.8 per ounce. The contract lost nearly 7 dollars duringintraday moves to trade at $670.9, down $1.9 right now.

        Following this, MCX Gold also eased aftertrading near its 10 week high yesterday. MCX April Gold inched up to Rs 9637 per 10 gramsand eased considerably with an intensifying sell off during the afternoon session. Thecontract lost 2.32% in the open interest and currently trades near its intraday low at Rs9575, down Rs 54 pr 10 grams.

        Spot markets started on a firm note with0.999Gold opening up Rs 15-20 at Rs 9645 in Mumbai. However, the late sell of in the futurespushed the commodity down in the futures as well. 0.999 Gold dipped afterwards, to tradeat Rs 9612, down Rs 15 in Mumbai.

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