Bullions end little higher

Prices rise for fourth straight day Yellow metal prices ended little higher on Monday, 30 July 2012 at Comex. Prices rose as traders anticipated that Central banks will take some action in both US and Europe as a step to solve their respective problems. Gold for August delivery ended higher by $0.7 or 0.04%, to end at $1,618 an ounce on the Comex division of the New York Mercantile Exchange on Monday. Prices rose for fourth straight session. On Monday, silver prices for September delivery ended higher by54 cents or 2% at $28.03. Markets were relatively quiet as traders were waiting to see whether the U.S. Federal Reserve and the European Central Bank will announce any measures when they meet this week. Focus of the market place this week is on the two-day FOMC meeting of the U.S. Federal Reserve, which starts Tuesday and ends early Wednesday afternoon. Also, the European Central Bank's policy meeting and press conference are on Thursday. The Bank of England also meets to discuss its monetary policy, with results on Thursday. Market watchers will be closely scrutinizing these central bank meetings for any fresh clues on the implementation of quantitative easing of monetary policies. Such would be at least initially bullish for many markets, including the precious metals. Then on Friday comes the all-important U.S. jobs report. The head of the Eurogroup, Jean-Claude Juncker, reportedly said over the weekend that the euro-zone members and the European Central Bank will soon act to save the euro. Among economic data expected for the day, The Dallas Federal Reserve released its monthly manufacturing survey which showed a business activity index of -13.2 when a reading of 2.5 was widely expected. The production index came in at 12 versus 15.5 last month. In the currency market on Monday, the dollar index, whish weighs the strength of the dollar against a basket of six other currencies, rose by 0.2% and stayed modestly higher throughout the day. At the MCX, gold prices for October delivery closed higher by Rs 17 (0.05%) at Rs 30,167 per ten grams. Prices rose to a high of Rs 30,183 per 10 grams and fell to a low of Rs 30,120 per 10 grams during the day's trading. At the MCX, silver prices for September delivery closed higher by Rs 599 (1.12%) at Rs 53,827/Kg. Prices opened at Rs 53,125/kg and rose to a high of Rs 53,900/Kg during the day's trading.