Gold in the international edged up on Tuesday andwas seen trading near one month high supportedby the weak US Dollar and strong buying fromChina. The yellow metal was also seen supportedby the recent comments from the US FederalReserve Chairman Ben Bernanke.Gold futures for August delivery on Globexplatform of Comex was seen trading down by0.61% at $1328.25 per troy ounce as of 05.35 PMIST on Tuesday.Gold prices in the global market were alsosupported by an unexpected decline in US homesales. In the United States, existing-home salesdeclined in June but have stayed well above year-ago levels for the past two years, while the medianprice shows seven straight months of double-digityear-over-year increases, according to the datareleased by the National Association of Realtors onMonday. Total existing-home sales, which arecompleted transactions that include single-familyhomes, town homes, condominiums and co-ops,dipped 1.2 percent to a seasonally adjusted annualrate of 5.08 mn in June from a downwardly revised5.14 mn in May, but are 15.2 percent higher thanthe 4.41 mn-unit level in June 2012.
Australia's massive mineral exports allowed it to weatherthe global recession, which began in 2008, quite nicely.The U.S. government's Energy InformationAdministration noted in its country's analysis forAustralia,“Australia, rich in hydrocarbons and uranium, was theworld's second largest coal exporter in 2011 and the thirdlargest liquefied natural gas (LNG) exporter in 2012.Australia is rich in commodities, including fossil fuel anduranium reserves, and is one of the few countriesbelonging to the Organization for Economic Cooperationand Development (OECD) that is a significant nethydrocarbon exporter, exporting over 70 percent of itstotal energy production according to government
sources. Australia was the world's second largest coalexporter based on weight in 2011 and the third largestexporter of liquefied natural gas (LNG) in 2012."
Natural gas - Six basins in Australia stretching fromcoastal Queensland to Western Australia's far northwestcontain recoverable shale resources of as much as 437trillion cubic feet of gas, all of which was previouslyinaccessible because it is contained in shale formations,which could be unlocked by "hydraulic fracturing." Butthe U.S. Department of Energy predicts that Australia'sshale gas industry will develop at a "moderate pace"because the nation's shale oil and gas resources do not asyet have the advanced production infrastructure that hasunderwritten the U.S. production boom.
Copper prices in the global market edged up onTuesday amid speculation that China, world'ssecond largest economy is planing to boost itseconomic growth.Premier Li Keqiang’s government perceives that7 percent growth as the lowermost point fortolerance of an economic slowdown, as per amedia report.As of now, the traders hope that the Chinesegovernment would take necessary steps toboost its economic growth. Copper futures forSeptember delivery on Globex platform of Comex was seen trading down by 0.53% at$3.168 per pound as of 01.48 PM IST onTuesday.
US House Price Index is scheduled to be released at06.30 PM IST while Eurozone Consumer Confidencedata is expected at 07.30 PM IST today.In the United States, existing-home sales declined inJune but have stayed well above year-ago levels forthe past two years, while the median price showsseven straight months of double-digit year-over-yearincreases, according to the data released by theNational Association of Realtors on Monday.