The metal has slipped on modest selling pressure and is likely to find further resistance ahead of the psychological $800 mark, particularly given the scale of option exposure at this level The Fed cited recent increases in energy and commodity prices as "roughly balancing the downside risks to growth". The vote was not unanimous with KC Fed President Hoenig voting in favor of leaving rates unchanged. Gold warehouse inventories fell by 7881 troy ounces to stand at 7.3 million troy ounces as of late Wednesday, according to NYMEX data. Silver and copper inventories were both unchanged, at 133.7 million troy ounces and 19570 short tons, respectively.
Meanwhile, manufacturing contracted with the Chicago PMI at 49.7 for October falling short of consensus expectations of 53.0 and down from 54.2 in September. The decline marked the lowest reading in 8-months, while the employment index was down to 49.5.
UTI Gold ETF on 1 November 2007 was Rs. 1004.49, which showed no change over NAV prevailing on 31 October 2007. NAV of Gold ETF- (G) of Kotak Mahindra on 1 November 2007 increased 0.80% to Rs. 1017.19 over NAV on 31 October 2007. Gold BeES of Benchmark Mutual Fund followed it with its NAV of Rs. 1014.23 gaining 1.13% over 31 October 2007.
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